# Jack loaned Bob \$1,500 at an annual interest rate of 7%. After one year, how much will Bob owe Jack?

5 years ago - 6 answers

1,500 x .07= 105

105 + 1500= 1605 dollars--> this is how much Bob owes

5 years ago

\$1605.00....ps use a calculator enter 1500 and multiply by 0.07

by SuzyQ - 5 years ago

the interest of 7% on \$1,500 is \$105.

so \$1500 + \$105 =\$1605

by The Bricklayer - 5 years ago

\$1500.00 X 7% = \$105.00

by michael s - 5 years ago

\$1608.44 if the interest in compounded monthly.

by big zak - 5 years ago

Multiply 1,500 by .07. So you have:

1,500
x .07
________
105.00

7 times zero is zero (twice), then 7 times 5 is 35, then 7 times one is 7, carrying the 3 from the 35 into the next place is 7 +3 so that is 10. Then you put in the two decimal places.

We are not compounding interest, right?

So, now Jack owes Bob the original \$1,500 that he borrowed, plus \$105 in interest, which makes it \$1,605.00.

Try this some more with different numbers, this is the kind of simple math that you will need to learn how to do.

by Alice - 5 years ago