Mathematics, 20.05.2021 16:30, muffin261

1. Steve wants to buy a guitar. The model he wants costs $1500.00. He can put down $100, but will need to take out a loan for the remaining $1400. If he is charged an interest rate of 8%, simple interest calculated yearly, about how much interest will he pay on the guitar in one year? Show how you found your answer to get both points!
Reminder: Simple interest can be found using the formula 1 = PRT

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1. Steve wants to buy a guitar. The model he wants costs $1500.00. He can put down $100, but will ne...