2 years ago

Laura borrowed $175,000 at a rate of 5% simple interest for 15 years.How much interest will Laura pay?

Mathematics

1 answer:

never [62]2 years ago

7 0

Answer:

$437.3179611

Step-by-step explanation:

Using the compound interest formula

A = P(1 + $\frac{r}{n}$ ) ^nt

substitute numbers

A = 175,000(1 + $\frac{.05}{15}$ )^ (.05)(15)

solve

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