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Q.
A loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan is due in seven months
A.
15612.5
B.
14612.5
C.
13612.5
D.
17612.5
View Answer
Correct choice: A
Explanation:
We have P = 15 000, r = 0.07 and since the actual date the loan was taken out is not given, we use t =7/12 I = Prt=$15 000* 0.07* 7/12 = $612.50 Amount repaid = Future or accumulated value, S = P + I = $15 000 + $612.50 = $15 612.50
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