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: 2

Answer

$\$225$

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. $I=\$2500 \times 4.5\% \times 2 \\=\$2500 \times 0.045 \times 2 \\=\$225$
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