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8 February, 20:24

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 an annual interest rate of 6% for 15 years

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  1. 8 February, 20:31
    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
  2. 9 February, 00:10
    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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