Nick borrowed $7150, to be repaired at an annual simple interest rate of 6.25%. How much interest will be due after 5 years? How much will Nick have to repay?

Answer 1

5 * .0625 * 7150 = interest due

total = interest due + 7150

Answer 2

I = PRT

I = 7,150 * 0.0625 * 5

I = ?

Answer 3

2,234