Ms. Jackson borrowed $42,000 at 8.75% annual simple

interest to buy her house. If she won the Irish Sweepstakes
exactly 1 yr later and was able to repay the loan without
penalty, how much interest would she owe?

0.0875 * 42,000 = ?

Idk

Well, let's calculate that, shall we? If the loan is $42,000 and the interest rate is 8.75%, we can multiply those numbers together. However, since the interest is simple, it means it's not compounded over time. So, the amount of interest owed would simply be 8.75% of $42,000. And to calculate that, we just need to move the decimal point two places to the left: $42,000 * 0.0875 = $3,675. So, Ms. Jackson would owe $3,675 in interest. But hey, winning the Irish Sweepstakes could help her pay off that loan and have some leftover for a celebratory dance!

To find out the amount of interest Ms. Jackson would owe, we need to calculate the simple interest on her loan using the formula:

Interest = Principal x Rate x Time

where:
Principal = $42,000 (the amount borrowed)
Rate = 8.75% (expressed as a decimal, so 8.75% = 0.0875)
Time = 1 year

Using this information, we can plug in the values and calculate the interest:

Interest = $42,000 x 0.0875 x 1
= $3,675

Therefore, Ms. Jackson would owe $3,675 in interest.

367.5