Question

Linda Young opened up a computer service company. To pay for start up cost Linda borrowed $79,000 from a bank at 15% for 1 year. Find the interest for the year

Answer 1

Interest=Principal×Rate×Time

I=PRT/100

I= 79000×15×1

100

I= 1185000

100

I= $11850

To confirm

11850/79000 ÷ 100

= 0.5 ×100

= 15% (rate)

Answer 2

The interest of one year is $11850.

What is simple interest?

easy interest is based on the essential amount of a loan or the primary deposit in a savings account.

calculation:-

Amount of money borrowed by Linda = $79000

rate of interest =15%

Interest amount= $79000*15/100

  The interest of the year =$11850

Learn more about simple interests here:-https://brainly.com/question/2294792

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