Find the interest of a $2,500 loan, with an interest rate of 7% compounded annually over a 6 year period.

asked Oct 6, 2020 50.9k views

5 votes

Find the interest of a $2,500 loan, with an interest rate of 7% compounded annually over

a 6 year period.

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5 votes

Interest = Principle(Rate)(Time)
2500(.07)(6) = 1050

The interest will be $1,050

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