Question

Alonzo loaned jeremy $325.18 for 1 year at a simple interest rate of 12 5/8%. how much interest will jeremy have to pay?

Answer 1

Jeremy will pay $41.05 interest.

We know that, Interest = PRT/100

where,

P = principal

R = rate

T = time

For given question, principal (P) = $325.18

interest rate R = 12 5/8%

                        = 12.625%

And period T = 1 year

We need to find the interest.

⇒ Interest = PRT/100

⇒ Interest = (325.18 × 12.625 × 1) / 100

⇒ Interest = 4105.3975 / 100

⇒ Interest = $41.05

Therefore, Jeremy will pay $41.05 interest.

Learn more about the interest here:

brainly.com/question/15052754

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