Find the amount paid for the loan
$1500 at 9% for 2 years
$1770
To find the amount paid for the loan, we can use the formula for calculating the total amount paid for a loan, which includes the principal amount (the initial loan amount), the interest rate, and the time period:
Total amount paid = Principal + (Principal * Interest rate * Time)
Given:
Principal (loan amount) = $1500
Interest rate = 9% (as a decimal, 0.09)
Time (number of years) = 2
Using the formula, we can substitute the given values:
Total amount paid = $1500 + ($1500 * 0.09 * 2)
Simplifying the calculation:
Total amount paid = $1500 + ($270)
Calculating the amount:
Total amount paid = $1770
Therefore, the amount paid for the loan is $1770.