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| Math Central | Quandaries & Queries |
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Question from carolita, a student: if i borrowed 2000.00 at a rate of 7% for 1 year what would be the interest |
Carolita,
"The rate of 7%" means that the interest is 7% of what you borrowed. Thus the interest is 7% of $2,000.00. Seven percent is a fraction with 7 in the numerator and 100 in the denominator, that is it is 7/100 = 0.07. Thus 7% of $2,000.00 is 0.07 ×$2,000.00.
Penny
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