Answer
The interest on the loan is $26,250.
Work Step by Step
interest=principle*rate*time
$i=(150,000)(0.07)(\frac{30}{12})$ = $(10,500)(2.5) = 26,250$
Basic College Mathematics (9th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0321825535
ISBN 13:
978-0-32182-553-7
Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 449: 39
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