Answer:
D. $105,750
Step-by-step explanation:
Use the formula I=prt,which stands for "Interest equals principal × rate × time" The clue to use that formula was the phrase "simple interest" The principal is the original amount of the loan, $150,000.
The interest rate is the 3.7% or 4.2% but you MUST change these to a decimal to use them. So we'll be using .037 and .042 for these calculations. The time part of the equation is the 15 years or the 30 years. See image.
