Question

PLEASE HELP! ASAP! Mya’s roof was leaking, so she needed money fast. She borrowed $12,000 from the bank for repairs. It is a 5-year loan, and she is being charged simple annual interest at a rate of 7.5%. How much interest can Mya expect to pay over the life of this loan?

Answer 1

37.5% interest or 16,500.

Explanation:

Assuming that she take all five years.

multiply 7.5% times five years and you'll get 37.5%

then add 12,000 + 37.5%

= 16,500

Answer 2

4500

Explanation: