Question

Craig had to take out a loan of $15,000 to help him topay for college. Each year he has to pay 12% interest onhis loan. How much money would he have to pay ininterest a year?Show ALL of your work and be sure to LABEL youranswer!

Answer 1

Each year Craig pay an interest of $1800.

`\begin{gathered} \text{Interest per year=12\% of 15000} \\ =(12)/(100)*15000 \\ =1,800\text{ dollars} \end{gathered}`