Susan loaned Adam 7550 at an interest rate of 15% for 3 years. How much will Adam pay Susan at the end of 3 years? Round your answer to the nearest cent, if necessary.

Solution

Solution

Amount : 10947.5

Solution steps

Translate the problem into an equation:

A = 7550 (1 + 0.15 \cdot 3)

7550 (1 + 0.15 \cdot 3) = 10947.5

Amount : 10947.5

Popular Examples

a number divided by-9 is-16 two times a number plus 9 Grace invested 7,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 11,870?Work an amortization for a loan of 24,593 with an APR of 7.8% for 5 years. What is the BALANCE of the loan after for the 15th payment?What is the volume of a sphere with a diameter of 7.7 ft, rounded to the nearest tenth of a cubic foot