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A bank offer an annual simple unterest rate of 7% on home improvement loans. How much would Billy owe if he borrowed $18500 over a period of 3.5 years?

A bank offer an annual simple unterest rate of 7% on home improvement loans. How much would Billy owe if he borrowed $18500 over a period of 3.5 years?
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A bank offer an annual simple unterest rate of 7% on home improvement loans. How much would Billy owe if he borrowed $18500 over a period of 3.5 years?

User NabilS
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The answer is $4532.50
User Sevara
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