Question

Juan borrowed $1500 from a credit union for 7 years and was charged simple interest at a rate of 2.97%. What is the amount of interest he paid at the end of the loan

Answer 1

The amount of interest he paid at the end of the loan is $ 311.85.

Explanation:

Given that Juan borrowed $ 1500 from a credit union for 7 years and was charged simple interest at a rate of 2.97%, to determine what is the amount of interest he paid at the end of the loan, the following calculation must be performed:

(1500 x 0.0297) x 7 = X

44.55 x 7 = X

311.85 = X

Therefore, the amount of interest he paid at the end of the loan is $ 311.85.