A man received 7 per cent interest on a loan of $800 for one year. How much interest did he receive? A.) $56 B.) $560 C.) $780 D.) $870 D.) None of these

2. Now make an equation with the total amount of money (M) multiplied by the interest (P) inside of parenthesis. This will give us 7% of $800 in your case.

(800 × .07) → 56

3. Then, multiply by the number of years the interest has been accumulated.

56 × 1

The official equation for this is: a = p(1 + r)^t

a = amount at end (initial amount + interest gained)

p = initial amount

r = rate (percent interest)

t = time in years

varshamittal029 varshamittal029 · Answer 2 · 2022-06-17T18:56:49+02:00

The correct option will be option A: Man will receive $56 interest in a year.

How to calculate simple interest?

Simple Interest amount can be calculated by the product of principal amount, rate of interest, and time.

Simple Interest= S.I. =p*t*r/100

where p is the principal amount,

r is interest rate (in %)

t is the time (in year).

Here, given,

principal amount P = $800

rate of interest= r=7%

time=t=1 year

using the above formula,

Simple Interest S.I.= p*t*r/100= (800*1*7)/100= $56

Therefore man will receive $56 interest in a year.

Learn more about Simple interest

here: https://brainly.com/question/25793394

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A man received 7 per cent interest on a loan of $800 for one year. How much interest did he receive? A.) $56 B.) $560 C.) $780 D.) $870 D.) None of these​

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How to calculate simple interest?

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A man received 7 per cent interest on a loan of $800 for one year. How much interest did he receive? A.) $56 B.) $560 C.) $780 D.) $870 D.) None of these