Mya’s roof was leaking, so she needed money fast. She borrowed $12,000 from the bank for repairs. It is a 5-year loan, and she i
s being charged simple annual interest at a rate of 7.5%. How much interest can Mya expect to pay over the life of this loan?
1 answer:
Answer:
12000/100 X 7.5 = 900
900 X 5 = 4500
$4500
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