Elementary Technical Mathematics

Published by Brooks Cole
ISBN 10: 1285199197
ISBN 13: 978-1-28519-919-1

Chapter 1 - Section 1.16 - Application Involving Percent: Business and Personal Finance - Exercises: 3

Answer

$\$9,450$

Work Step by Step

Find the interest using the formula $I=Prt$ where $P$=principal loan amount, $r=$annual interest rate, and $t$=time in years. $I=\$7500 \times 6.5\% \times 4 \\=\$7500 \times 0.065 \times 4 \\=\$1,950$ Find the total amount due by adding the interest to the principal amount borrowed: $=\$7,500 + \$1,950 \\=\$9,450$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.