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Determine the simple interest for this loan-round your answer to the nearest cent:9,698.17 at 4.51% for 63 years.

Solution

Determine the simple interest for this loan - round your answer to the nearest cent:9, 698.17 at 4.51% for 63 years.

Solution

Interest : 27555.41

Solution steps

Translate the problem into an equation:

I = 9698.17 \cdot 0.0451 \cdot 63

Simplify

I = 9698.17 \cdot 0.0451 \cdot 63

Round to the nearest hundredth:

27555.41

Interest : 27555.41

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