pichardocynthia237 pichardocynthia237

19-04-2021
Mathematics

contestada

Erik took out a loan for $8400 for 6 years at a compound interest rate of 5.5%-
How much interest does Erik owe from the loan?
$11,582.28
$108,084.86
$2,772
$3,182.28

Respuesta :

samuelonum1 samuelonum1

24-04-2021

Answer:

$2772

Step-by-step explanation:

Given data

Principal= $8400

Rate= 5.5%

Time= 6 years

The expression for the simple interest on the loan is found using the expression below

SI= PRT/100

substitute

SI= 8400*5.5*6/100

SI= 277200/100

SI= $2772

Hence the simple interest is $2772

Answer Link

hopecswanner hopecswanner

06-05-2021

Answer:The answer is actually 3,182.28

Step-by-step explanation:

Answer Link

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