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Popular Word Problems >

Tammy borrowed 21,000 for 5½ years at an annual simple interest rate of 7.5% to pay for college. What is the total amount she will repay the loan?

Solution

T amm y b orro w e d 21, 000 f or 5½ ye a rs a t an ann u a l s im pl e in t eres t r a t e o f 7.5% t o p a y f or co ll e g e . Wha t i s t h e t o t a l am o u n t s h e w i ll re p a y t h e l o an ?

Solution

Amount : 28875

Solution steps

Translate the problem into an equation:

A = 21000 (1 + 0.075 \cdot 5)

21000 (1 + 0.075 \cdot 5) = 28875

Amount : 28875

Popular Examples

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