Answer:
The interest to be charged is $ 3,150.
Step-by-step explanation:
Since Mark is going to purchase a $ 9,000 motorcycle, and his bank will finance his purchase through an add-on interest loan, and they will charge Mark 7% interest over 5 years, to determine how much in interest will be charged, the following calculation has to be done:
9000 x 0.07 x 5 = X
630 x 5 = X
3150 = X
Therefore, the interest to be charged is $ 3,150.
