Question

Edgar takes out a loan of $5,540, to be repaid over 7 years at 8.5% simple interest. How much interest will Edgar have to pay on the loan?​ with the work

Answer 1

$3296.3

Explanation:

$5,540

7 years simple int of 8.5% means no compounding no amortization

so it's 5540*8.5% *7 = 3296.3