Question

If you borrow $1,700 at 7% simple interest, how much interest will you pay
A $7.00
B $1819
C $119
D 120

Answer 1

i think the correct answer it is D

Answer 2

Write an equation. 1700 is your starting rate. 1.07 is your interest (1 is no increase). If you do it for one month

1700(1.07)^1 = 1819

You will pay $119 or C