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44 votes
44 votes
What is the answer to the question?? Is the answer even on there?

What is the answer to the question?? Is the answer even on there?-example-1
User Roger Binns
by
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1 Answer

22 votes
22 votes

Answer:

D. $105,750

Explanation:

Use the formula I=prt,which stands for "Interest equals principal × rate × time" The clue to use that formula was the phrase "simple interest" The principal is the original amount of the loan, $150,000.

The interest rate is the 3.7% or 4.2% but you MUST change these to a decimal to use them. So we'll be using .037 and .042 for these calculations. The time part of the equation is the 15 years or the 30 years. See image.

What is the answer to the question?? Is the answer even on there?-example-1
User Steini
by
3.3k points