Karly borrowed $6,200 from her parents for 4 years at an annual simple interest rate of 2.8%. How much interest will she pay if she pays the entire loan at the end of the fourth year?

Enter the answer in dollars and cents, and round to the nearest cent, if needed. Do not include the dollar sign. For example, if the answer is $0.61, only the number 0.61 should be entered.

Enter the answer in dollars and cents, and round to the nearest cent, if needed. Do not include the dollar sign. For example, if the answer is $0.61, only the number 0.61 should be entered.

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jdoe0001
7 months ago

Светило науки - 6644 ответа - 0 помощи
Answer:$724.11

Step-by-step explanation:This requires the use of the growth formula.

Growth Formula:

y = total/answer

a = starting value

r = rate (1.25 = 25%)

x = the amount of time (years/months)

Equation:

Solving:

y = $6924.11

$6924.11 - $6200 = total interest

$724.11