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

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

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Debbie K. | Caring Multi-Cultural Tutor in a Variety of SubjectsCaring Multi-Cultural Tutor in a Variety...
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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.

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What if the percent was 7.9%, the principal was $835.88, and the time was 3 1/2 years ? The student should know the formula and how to use it.
Arthur D. | Effective Mathematics TutorEffective Mathematics Tutor
5.0 5.0 (9 lesson ratings) (9)
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i=prt
i=$800*7%*1
i=$800*0.07*1
i=$56.00