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)
What is the value of the constant "c" in the function f(x) = c if the function remains constant for all values of x?
+
What is the sum of the interior angles of an equilateral triangle that measures 60 degrees on each angle?
+
A car travels at an average speed of 60 km/h for 3 hours. How far does it travel?
+
New questions in Mathematics