Question

Find the interest on a loan of $4500 at 6 1/2% for six years

Answer 1

$6255

Explanation:

10% of 4500 is 45

5% of 4500 is 22.5

45 x 6 = 270 + 22.5 = 292.50

6.5% = 292.5

292.5 x 6 ( years) = 1.755 ( interest earned)

4500 + 1755 = $6255 after 6 years