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soldi70 [24.7K]
3 years ago
5

Fatima has a student loan the loan amount is 15,000 for 10 years her interest rate is 8.25% how much will Fatima pay in interest

Mathematics
1 answer:
DaniilM [7]3 years ago
8 0

Answer:

8212.67

Step-by-step explanation:

From the data given in the question;

Amount = 15000

Principal = ?

rate = 8.25%

time = 10 years

From;

A =P(1 + r)^n

15000 = P(1 + 0.0825)^10

P= 15000/2.21

P= 6787.33

but

Interest = Amount - Principal

Interest = 15000 - 6787.33

interest = 8212.67

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