Question
Ted takes out a student loan to pay for his college tuition this year. Find the interest on the loan if he borrowed $2,500 at an annual interest rate of 6% for 15 years. What is the formula to figure this out ?
Answers
amount = 2500(1.06)^15 = 5991.40
so the interest for that time is $3491.40
so the interest for that time is $3491.40
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