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Liono4ka [1.6K]
3 years ago
8

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

Mathematics
1 answer:
allsm [11]3 years ago
4 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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