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Homework answers / question archive / In order to pay his university fees, Feynman borrowed $ 7000 for five months at 5
In order to pay his university fees, Feynman borrowed $ 7000 for five months at 5.5% Calculate the amount of simple interest that will be charged to Feynman. Approximate your answer to the nearest 100th.
We can calculate the simple interest using the following formula
= Principal amount * interest rate *(number of month/12)
= 7000*5.5%*5/12
= 160.41
Nearest 100 = 200
