Question

The formula for finding the interest on a loan is I = prt. Becky borrows $4,500 for 6 years at a rate of 6 1/2%. How much interest will she owe?

Answer 1

For this case we must use the following equation:
 I = prt
 Where,
 p: principal
 r: derivation of rate
 t: time
 Substituting values we have:
 I = 4500 * (0.065) * 6
 I = $ 1755
 Answer:
 she will owe
 I = $ 1755