A man received 7% interest on a loan of $800 for 1 year. How much interest did he receive?

Question

A man received 7% interest on a loan of $800 for 1 year. How much interest did he receive?

Answer 1

Hi Angel,

 

Here's an easy way to figure out this and any percentage question.  One per cent (1 dollar out of $100) of $800 would be $8.  So, if the man received 7 per cent out of $800, then just multiply $8 times 7, which is 56...so $56!  This is also an easy way to figure out how much tip to leave at a restaurant.  Glad to help!

 

Ms. Debbie K.

Answer 2

i=prt

i=$800*7%*1

i=$800*0.07*1

i=$56.00