Maxwell is taking out a loan for $8,750 for 2 years at an APR of 9.75%. What would be the finance charge to the nearest whole do
llar? (use
the formula)
1 answer:
Answer:
Step-by-step explanation:
Using the formula for calculating simple interest
SI = principal × rate × time/100
Given
Principal = $8750
Rate = 9.75%
Time = 2years
Substitute
Interest = 8750×9.75×2/100
Interest = 87.59×19.5
Interest = 1,706.25
Hence the finance charge to the nearest whole dollar is $1706
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