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You decide to open a small business in the Bronx. You borrow $15,000 from the bank at an annual interest rate of 7% for 24 months. What is the amount of interest you will pay on this loan?
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10 votes
You decide to open a small business in the Bronx. You borrow $15,000 from the bank at an annual interest rate of 7% for 24 months. What is the amount of interest you will pay on this loan?

User Zvyn
by
5.5k points

2 Answers

5 votes

Answer:

15000x2x7/100 = 210

Explanation:

User UXE
by
4.7k points
11 votes

Answer:

$2,100 interest

Explanation:

15,000×7% = 1,050

1,050×2 = 2,100

User Qloveshmily
by
4.9k points
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