Question

Janet borrowed $5,500 from the bank at an interest rate of 7.5% for one year Assuming she pays it back on time how much interest will she pay

Answer 1

$5912.50. To work out one percent of 5500 you divide it by 100 which makes 55. You then times that by 7.5 which makes 412.50. Add that onto 5500 and you get the answer.