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7 May, 11:45

Izzy gets a loan of $2,800 with an APR of 3.5%. She will repay the loan in monthly payments for 9 months. To find the total amount of interest she will pay, Izzy uses an online calculator. What are the correct numbers she should enter?

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  1. 7 May, 13:10
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    First, change percent into decimal value

    Percent means per hundred

    APR = 3.5%

    APR = 3.5/100

    APR = 0.035

    The APR is 0.035 of the total loan

    Second, we need to find interest rate for 9 months

    interest rate = 9/12 * 0.035

    interest rate = 3/4 * 0.035

    interest rate = 0.75 * 0.035

    Third, determine what to put into calculator

    She can put it like this

    interest = interest rate * total loan

    interest = 0.75 * 0.035 * 2,800

    Or she can put it like this

    interest = 0.02625 * 2,800
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