On the day you entered college, you borrowed $30,000 from your local bank. The termsof the...

Question

Question

On the day you entered college, you borrowed $30,000 from your local bank. The termsof the loan include an interest rate of 4

Answer 1

Answer #1

I have answered the question below

Please up vote for the same and thanks!!!

Do reach out in the comments for any queries

Answer:

Simple Interest formula is P*N*R/100

=> Total interest paid = 30000 x 4.75 X 5 / 100 = $7125

Hence Option E

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Answer 2

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