Question

43,000 borrowed for 9 years with 7.5% interest if paid in full how much must be paid back

Answer 1

assuming a simple interest rate

`\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$43000\\ r=rate\to 7.5\%\to (7.5)/(100)\dotfill &0.075\\ t=years\dotfill &9 \end{cases} \\\\\\ A=43000(1+0.075\cdot 9)\implies A=43000(1.675)\implies A=72025`