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kap26 [50]
2 years ago
7

1. Melissa took out a loan of $50,000 with an interest rate of 2.3% for the start-up of the Math Cafe. How much will she owe the

bank if the loan term is for five years? Explain how you got your answer.
Mathematics
1 answer:
77julia77 [94]2 years ago
7 0

Answer:

<em>$55,750 a</em>

Step-by-step explanation:

Given Principal P = $50,000

Rate R = 2.3%

Time T = 5 years

Get the interest first

Simple interest = PRT/100

Simple interest = 50,000*2.3*5/100

Simple interest  = 500*2.3*5

Simple interest  = $5,750

Amount = Principal + Interest

Amount = $50,000 + $5,750

Amount = $55,750

<em>Hence she will owe the bank $55,750 after 5 years</em>

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