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ValentinkaMS [17]
3 years ago
10

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)
Mathematics
1 answer:
Sladkaya [172]3 years ago
8 0

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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