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MAXImum
[283]
3 years ago
5
Enrique takes out a student loan to pay for his college tuition this year.find the interest o the loan if he borrowed 2,500 at a
n annual interest rate of 6% for 15 years
Mathematics
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2
answers:
Ronch
[10]
3 years ago
6
0
Suppose the interest model payment follows a simple interest model. The amount of interest to be paid will be given by:I=(PRT)/100P=principle=$2500R=rate=6%T=time=15 years.
Therefore:S.I=(2500×6×15)/100=$2250
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vampirchik
[111]
3 years ago
6
0
At simple interest rate:
1 year = 6% of 2500 = 0.06 x 2500 = 150
15 years = 150 x 15 =
$2250
At compounded interest rate:
2500(1 + 0,06)^15 - 2500 =
$3491.40
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