Simple Interest: $200 at 12% simple interest for one year

Petenerd

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May 13, 2009
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Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?
A. $6.00
B. $12.00
C. $22.40
D. $24.00

I need help setting it up and solving it.
 
Re: Simple Interest

Petenerd said:
Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?
A. $6.00
B. $12.00
C. $22.40
D. $24.00

I need help setting it up and solving it.

What is the equation for calculating total I(nterest), when the principal is P, rate is R and time period is T?

Please show us your work, indicating exactly where you are stuck - so that we know where to begin to help you.
 
Re: Simple Interest

I don't know what to do when I have the numbers in place. I don't know if I should divide the numbers or multiply... :|
 
Re: Simple Interest

Petenerd said:
I don't know what to do when I have the numbers in place. I don't know if I should divide the numbers or multiply... :|

I had asked - what is the equation - why are you jumping onto next step?

Show us that you know the equation - then we'll proceed
 
Re: Simple Interest

Petenerd said:
Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?
Pete, can you tell us what 10% of 100 is?
What grade are you in?

Did you know (as example) that 15% simply means 15/100 ?
 
Re: Simple Interest

So then - can you please tell us the answers of Dennis's questions, namely:

what 10% of 100 is?

Did you know (as example) that 15% simply means 15/100 ?
 
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