If you borrowed $8,700 at 6% for one year, what would your total interest be if you are charged simple interest?
A) $600
B) $9,222
C) $522
D) $700

Name: If you borrowed $8,700 at 6% for one year, what would your total interest be if you are charged simple interest? A) $600 B) $9,222 C) $522 D) $700
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Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula I = PRT, where P is the principal amount ($8,700), R is the rate (6% or 0.06), and T is the time in years (1). Thus, I = $8,700 * 0.06 * 1 = $522.

If You Borrowed $8,700 at 6% for One Year, What