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Enrique takes out a student loan to pay his college tuition this year. Find the interest on the loan if he borrowed $2,500 at an annual interest rate of 6% for 15 years.

Enrique takes out a student loan to pay his college tuition this year. Find the interest on the loan if he borrowed $2,500 at an annual interest rate of 6% for 15 years.
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Enrique takes out a student loan to pay his college tuition this year. Find the interest on the loan if he borrowed $2,500 at an annual interest rate of 6% for 15 years.

User VenkyDhana
by
8.5k points

1 Answer

2 votes
2500 x 0.6 x 15 = 2250

2250
2500+
equals
4,750
Therefore, the answer is 4,750

Hope this helps

User Esaruoho
by
7.3k points
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