Question

Veronica took out a 48 month

loan of $5,500 to make some

home improvements. At a

simple interest rate of 3.25%,

how much total Will she pay?

Answer 1

Answer: She would pay $ 6215 in total.

Explanation:

Since we have given that

Amount of loan = $5,500

Rate of interest = 3.25%

Number of months = 48 months = 4 year

So, Using "Simple interest ", we get that

`SI=(P* R* T)/(100)\\\\SI=(5500* 4* 3.25)/(100)\\\\SI=715`

So, Amount she would pay :

`5500+1715=6215`

Hence, She would pay $ 6215 in total.