Question

Eli has a loan of $24,650. This loan has a simple interest rate of 3% per year. What is the amount of interest that Eli will be charged on this loan at the end of two years?

Answer 1

If your talking about how much they are going to pay ONLY interest for two years then it is $1,479. $1,479 is the amount of money they will be paying for two years ONLY FOR INTEREST.

Explanation:

3% of 24,650 is 739.5. That is for one year. 739.5 times 2 for two years is 1,479. Just in interest they will be paying a total of 1479 for two years. Let me know if I'm right. This should be right though. Hope it helped :)

Answer 2

$1479

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