John borrowed $150,500 to start up his business. He borrowed the money at a 7.75% simple
1 answer:
Answer:
John have to pay back $23,327.50 at the end of two years
Step-by-step explanation:
Simple Interest (I) = (PRT) ÷ 100
where P = Principal, R = Rate, T= Time
I = ($150500 × 7.75 × 2) ÷ 100
I = ($2332750) ÷ 100
I = $23,327.50
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12 steps for this problem.
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