To find the total amount Jessica will have to pay back at the end of the loan, we need to calculate the interest first.
First, let's convert 2 1/2 years to a decimal: 2 + 1/2 = 2.5 years.
Next, we'll calculate the interest: Interest = Principal * Rate * Time
Interest = $9,000 * 7.5% * 2.5 = $1,687.50
Finally, we'll add the interest to the principal to find the total amount she will have to pay back: Total = Principal + Interest = $9,000 + $1,687.50 = $10,687.50
Therefore, Jessica will have to pay back $10,687.50 at the end of the loan.
Jessica borrowed $9,000 the bank gives her an interest rate of 7.5% for a period of 2 1/2 years
What’s the total amount she will to pay back at the end of the loan
1 answer