Question
Claudia requested a loan of $2,500,000 to finance her studies over a 3-year period. How much will she have to pay at the end of the period if the interest rate obtained was 15% simple annual?
112
likes561 views
Answer to a math question Claudia requested a loan of $2,500,000 to finance her studies over a 3-year period. How much will she have to pay at the end of the period if the interest rate obtained was 15% simple annual?
Jayne
4.4106 Answers
To determine how much Claudia will have to pay at the end of the 3-year period, we'll use the formula for simple interest:
I = P \cdot r \cdot t
Where:
P = \$2,500,000
r = 0.15
t = 3
First, calculate the interest:
I = \$2,500,000 \cdot 0.15 \cdot 3
I = \$1,125,000
Next, calculate the total amount to be paid:
A = P + I
A = \$2,500,000 + \$1,125,000
A = \$3,625,000
Therefore, the amount she will have to pay at the end of the period is:
A = \$3,625,000
Where:
First, calculate the interest:
Next, calculate the total amount to be paid:
Therefore, the amount she will have to pay at the end of the period is:
Frequently asked questions (FAQs)
Math question: Solve the inequality -5x + 3 > 7, where x represents a variable that satisfies the inequality.
+
What is the average age of students in a class if 10 students are ages 12, 13, 14, 12, 15, 13, 14, 16, 15, and 18?
+
Math Question: What is the smallest possible value for n in Fermat's Theorem equation a^n + b^n = c^n, where a, b, and c are positive integers?
+
New questions in Mathematics