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 - Page 95: 3



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: $=\$7,500 + \$1,950 \\=\$9,450$
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