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15 November, 02:58

Enrique takes out a student loan to pay for his college tuition this year. find the interest on the loan if he borrowed $2,500 at annual interest rate of 6% for 15 years.

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  1. 15 November, 04:50
    0
    Suppose the interest model payment follows a simple interest model. The amount of interest to be paid will be given by:

    I = (PRT) / 100

    P=principle=$2500

    R=rate=6%

    T=time=15 years.

    Therefore:

    S. I = (2500*6*15) / 100

    =$2250
  2. 15 November, 06:27
    0
    Suppose the interest model payment follows a simple interest model. The amount of interest to be paid will be given by:I = (PRT) / 100P=principle=$2500R=rate=6%T=time=15 years.

    Therefore:S. I = (2500*6*15) / 100=$2250
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