# simple interest question

Anonymous
account_balance_wallet \$5

### Question Description

find the simple interest and total amount due on a \$1850 loan at 9 1/2% for 2 1/2 years

ipesuni
School: UT Austin

We have

Total amount=\$1850

Yearly interest =9.5%

Time=2.5 year

Formula for monthly payment:-

So monthly payment=\$69.52

So the total payment=69.52*12*2.5=\$2085.6

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Review

Anonymous
Excellent job

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