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The formula for finding the interest on a loan is I = prt. Becky borrows $4,500 for 6 years at a rate of 6 1/2%. How much interest will she owe?
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The formula for finding the interest on a loan is I = prt. Becky borrows $4,500 for 6 years at a rate of 6 1/2%. How much interest will she owe?

User Shaun Roselt
by
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1 Answer

3 votes
For this case we must use the following equation:
I = prt
Where,
p: principal
r: derivation of rate
t: time
Substituting values we have:
I = 4500 * (0.065) * 6
I = $ 1755
Answer:
she will owe
I = $ 1755
User Hbatista
by
7.9k points
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