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Mumz [18]
3 years ago
13

Logan took out $23,400 in student loans to attend college at a compound interest rate of 5%. He deferred payments for two years.

What will be his loan balance at the end of the two-year deferment?
Mathematics
1 answer:
blagie [28]3 years ago
8 0

Answer:

$25,740

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 23400 × 0.05 × 2 = 2340

I = $ 2,340.00

The simple interest accumulated

on a principal of $ 23,400.00

at a rate of 5% per year

for 2 years is $ 2,340.00.

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