Question

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years. She used the simple interest formula to find the interest.
I = 600(7)(2)

What error did Juanita make and how will her error affect the interest she calculates? Explain
{_____________________________

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Answer 1

Answer:

The correct formula should be I= 600(0.07)(2). Juanita made a very common error, she didn't put the percentage of interest in decimal form; or she didn't put the percent sign on it so we know to put it in decimal form. Her error will make a big difference; with using her calculations the answer would be $8,400. With the correct formula the answer is $84.

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