Question

loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan was taken out on April 7 and is due in seven months
A) 13615.52
B) 14615.52
C) 15615.52
D) 16615.52

Answer 1

l

Answer:   C) 15615.52 

Explanation:

I = prt = [15000 × 0.07 × (214/365) ]=615.52

Future value, S = P + I = $15 000 + $615.52 = $15 615.52

Answer 2

loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan was taken out on April 7 and is due in seven months

A) 13615.52

B) 14615.52

C) 15615.52

D) 16615.52