Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 447: 39

Answer

The interest on the loan is $26,250.

Work Step by Step

interest=principle*rate*time $i=(150,000)(0.07)(\frac{30}{12})$ = $(10,500)(2.5) = 26,250$
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