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Sagot :
Answer:
Amount of interest pay per year = $97.5 (Approx.)
Step-by-step explanation:
Given:
Amount borrow for college expenses = $3,897
Rate of interest = 2.5%
Find:
Amount of interest pay per year
Computation:
Using Simple interest formula;
Simple interest = Amount borrow x Rate of interest x number of year
Amount of interest pay per year = 3,897 x 2.5% x 1
Amount of interest pay per year = 3,897 x 0.025
Amount of interest pay per year = 97.425
Amount of interest pay per year = $97.5 (Approx.)
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