Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - Chapter 4 Test: 25

Answer

2100 dollars is due on the student loan.

Work Step by Step

The interest formula is: interest due = principal $\times$ yearly rate of return $\times$ time in years. This formula can be written as i = P $\times$ r $\times$ t. P = 10,500 r = 5% = 0.05 t = 4 Substitute these values into the equation to obtain: i = 10500 $\times$ 0.05 $\times$ 4 i = 42000 $\times$ 0.05 i = 2100 2100 dollars is due on the student loan.
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