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Luz borrowed
money from her bank for home repairs, the principal was $25,000, the rate
was 15% the time was 6 years. How
much interest will she pay and what is the total amount she will have to
pay back? (Principal and interest).

Sagot :

Samuelonum1idn

The total amount accrued, principal plus interest, from simple interest on a principal of $25,000.00 at a rate of 15% per year for 6 years is $47,500.00.

Answer:

I =  $22,500.00

A = $47,500.00

Simple interest

Given Data

Principal = $25000

Rate = 15%

Time = 6 years

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 15%/100 = 0.15 per year.

Solving our equation:

A = 25000(1 + (0.15 × 6)) = 47500

A = $47,500.00

I = A - P = $22,500.00

Learn more about simple interest here:

https://brainly.com/question/20690803

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