Problema Solution
To finance her community college education, latonya takes out a student loan for $3500, After a year, latonya decides to pay off the interest, which is 4.50% of 3500, How much will she pay?
Answer provided by our tutors
P = $3,500
r = 4.50% or 0.045
t = 1 year
I = the interest
I = P*r*t
I = 3500*0.045*1
I = $157.5
Latonya will pay interest of $157.5.