Question

if you borrow $2,500 when you open up account the loan was for 2 years and the amount of the loan interest was $155 what were you charge when you open up the account for the loan​

Answer 1

the charge for opening up the account was $155.

Explanation:

To find the charge for opening up the account, we need to subtract the interest from the total amount borrowed.

The total amount repaid at the end of the loan period is the sum of the amount borrowed and the interest charged. In this case, the total amount repaid is:

$2,500 + $155 = $2,655

The interest charged on the loan is the difference between the total amount repaid and the amount borrowed. Therefore, the amount charged for opening up the account is:

$2,655 - $2,500 = $155

So the charge for opening up the account was $155.