alleryTo find simple interest, the percent calculation is multiplied by the:
ATerm of the loan
BTurn of the loan
CTier of the loan
DType of the loan
Answer & Solution
Correct answer: A. Term of the loan
1. The rate is quoted for one year.
2. A longer loan costs proportionally more.
3. It is multiplied by the term of the loan.
_Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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