In order to pay his university fees, Feynman borrowed $ 7000 for five months at 5

Finance Dec 21, 2020

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.

Expert Solution

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

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