Mary took out a student loan for $15000 at 4% simple interest. How much interest will she pay in 10 years? suppose she paid it o
ff in 8 years instead of 10 years. how much would she save in interest? :)
1 answer:
Simple interest formula:
Total = principal x (1 + rate x years)
10 years:
Total = 15,000(1+0.04x10)
Total = $21,000
8 years:
Total = 15000(1+0.04x8)
Total = $19,800
Savings = 21,000 - 19,800 = $1,200
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