Question

Lynn takes out a loan for $7540 that charges an annual simple interest rate of 6.5%. She does not make any payments for 2 1/2 years. How much will Lynn owe on her loan after 2 1/2 years?

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Answer 1

8765.25

Explanation:

p=$7540

r=6.5%

t=2.5

simple interest formula= (p*r*t)/100

(7540*6.5*2.5)/100=1225.25

total amount= p+S.I

=7540+1225.25

=8765.25

thankyou^^