stephaneweng2760 stephaneweng2760

20-06-2021
Mathematics

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Josh makes a $1500, 5% simple interest personal loan to his friend Sean for a period of 8 years. When Sean settles his loan at the end of the 8 years, how much money, in total, must he pay Josh? The formula for simple interest is I = prt.

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saratripcity saratripcity

20-06-2021

Answer:

$2100

Step-by-step explanation:

I = prt

I = $1500(0.05)(8)

I = $1500(0.4)

I = $600

$1500 + $600

= $2100

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