Find the interest that must be paid back for a loan of $2,500 at a rate of 6% simple interest for a term of 5 years?
Pre-Algebra Final Exam Term 1 8th Grade
Connexus Academy Answers
1. -83
2. √10
3. 62.75%, 0.632, 16/25, 13/20
4. -16
5. 4/5
6. 353
7. 4/15
8. 84 miles
9. 220%
10. x = 5 1/2
11. 8 7/8
12. 10 feet
13. $539
14. x = -1
15. 30.4%
16. x = -48
17. 30 inches
18. n²
19. y > -2
20. $750
Hope this helps <3
It's $750
where answer?
Thank you
To find the interest that must be paid back for a loan, we can use the formula for simple interest:
Interest = Principal × Rate × Time
In this case, the principal or loan amount is $2,500, the rate is 6% (which can be expressed as the decimal 0.06), and the time is 5 years.
Plugging in these values into the formula, we get:
Interest = $2,500 × 0.06 × 5
To simplify the calculation, we can first find the product of $2,500 and 0.06:
Interest = $150 × 5
Multiplying $150 by 5, we find:
Interest = $750
Therefore, the interest that must be paid back for a loan of $2,500 at a rate of 6% simple interest for a term of 5 years is $750.