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05-04-2020
Mathematics

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Laura borrowed $175,000 at a rate of 5% simple interest for 15 years.How much interest will Laura pay?

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elyssakushto83 elyssakushto83

05-04-2020

Answer:

$437.3179611

Step-by-step explanation:

Using the compound interest formula

A = P(1 + [tex]\frac{r}{n}[/tex]) ^nt

substitute numbers

A = 175,000(1 + [tex]\frac{.05}{15}[/tex])^ (.05)(15)

solve

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