Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - Test - Page 471: 24

Answer

The amount needed to repay the loan is $20,880.00.

Work Step by Step

I = p * r * t interest = $(19,200)(0.07)(\frac{15}{12})$=$(1344)(\frac{15}{12})$=$20160\div12=1680$ amount to repay = interest + principal 1680+19,200=20,880
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