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

Question

Timothy Elliott

Mathematics

13 February, 21:48

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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Answers (2)

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Karlie · Answer 1

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

Lea Boyer · Answer 2

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