Question

16 When Nadine graduated from college, she had

$75,000 of student loan debt. If it takes Nadine 10
years, with a 5% annual simple interest rate, what
is the total Nadine will end up paying?
$

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$75000\\ r=rate\to 5\%\to (5)/(100)\dotfill &0.05\\ t=years\dotfill &10 \end{cases} \\\\\\ A = 75000[1+(0.05)(10)] \implies A=75000(1.5)\implies A = 112500`