Noobtuber1 Noobtuber1
  • 16-02-2022
  • Mathematics
contestada

Owen borrows $25,000 for 5 years at a 6% interest. What is the cost of the
loan, or total interest?

Respuesta :

lvvies
lvvies lvvies
  • 11-03-2022

Answer:

Correct answer is $7,500

Step-by-step explanation:

To solve, use the simple interest formula to solve.

I = Prt

Principle (p): 25,000

Rate (r): 6%

Time (t): 5

Were trying to find i (interest):

converting R percent to r a decimal

6%/100 = 0.06 per year,

then, solving our equation

I = 25000 × 0.06 × 5 = 7500

I = $ 7,500.00

The simple interest accumulated on a principal of $ 25,000.00 at a rate of 6% per year for 5 years is $ 7,500.00.

Answer Link

Otras preguntas

Why didn't the first stars to form have solar systems with Earth like planets and satellites?
How do I solve this equation? If 3t-7=5t then 6t=a 21b-7c-21d-42
What percent is 150 sq ft of 3000 sq ft
A bag has index cards with the following numbers on them: 4, 11, 13, 25, 12, and 18. If an index card is drawn randomly , what is the probabilty that a composit
what type of reaction produces a metal from its metal oxide
How many quarts in 24 pints?
a long distance telephone company charges a rate of 8 cents per minute or 90 cent mininum charge per call, whichever is greater. Find the cost in cents per minu
How much work does a person do in pushing a box with a force of 10 N over a distance of 4.0 m in the direction of the force?
rewrite the expression without using a negative exponent 6m^-2
What is a unit of area with dimensions 1unit x 1unit x 1unit= ?