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?
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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:
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