Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Cindy buys a boat for $15,000. This will be a simple interest
loan at 5.5% for 10 years. What is the interest on the loan?

Sagot :

mathstudent55

Answer:

$8,250

Step-by-step explanation:

I = prt

I = ($15,000)(0.055)(10)

I = $8,250

The interest on the loan is $8250.00

The formula for determining simple interest is : loan amount x time x interest rate

Loan is the amount of money that Cindy borrowed. It is $15,000

interest rate = 5.5%

Time is the length of period of the loan. This is 10 years

$15,000 X 0.055x 10 = $8250

To learn more about simple interest, please check: https://brainly.com/question/9352088?referrer=searchResults

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.