I = PRT
I = 16,000 * 0.09 * 5
I = $7,200
Do the same for the three year period. Subtract to find the difference.
Wanda took out a personal loan for $16,000 at 9% simple interest.
How much interest will she pay after 5 years?
Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?
1 answer