Josh makes a $1500, 5% simple interest personal loan to his friend Sean for a period of 8 years. When Sean settles his loan at t
he end of the 8 years, how much money, in total, must he pay Josh? The formula for simple interest is I = prt.
1 answer:
Answer:
$2100
Step-by-step explanation:
I = prt
I = $1500(0.05)(8)
I = $1500(0.4)
I = $600
$1500 + $600
= $2100
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