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

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

Detailed Explanation

1,500 x .07= 105

105 + 1500= 1605 dollars.

105 + 1500= 1605 dollars.