Question

Ramona needs $2,095 immediately to pay for damage she did to her

Answer 1

Answer:

She paid $251.40 in interest only for the loan.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

$E = P*I*t$

In which E is the amount of interest, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

In this problem:

$P = 2095, t = 1, I = 0.12$

So

$E = 2095*0.12*1 = 251.4$

She paid $251.40 in interest only for the loan.