Ask Question
4 November, 01:30

Enrique takes out a student loan to pay for his college tuition this year. find the interest on the loan if he borrowed $2,500 at annual interest rate of 6% for 15 years.

+5
Answers (2)
  1. 4 November, 01:37
    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
  2. 4 November, 01:37
    0
    Suppose the interest model payment follows a simple interest model. The amount of interest to be paid will be given by:

    I = (PRT) / 100

    P=principle=$2500

    R=rate=6%

    T=time=15 years.

    Therefore:

    S. I = (2500*6*15) / 100

    =$2250
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Enrique takes out a student loan to pay for his college tuition this year. find the interest on the loan if he borrowed $2,500 at annual ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers