Math CentralQuandaries & Queries


Question from carolita, a student:

if i borrowed 2000.00 at a rate of 7% for 1 year what would be the interest


"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.


About Math Central


Math Central is supported by the University of Regina and The Pacific Institute for the Mathematical Sciences.
Quandaries & Queries page Home page University of Regina PIMS