Answer
The amount needed to repay the loan is $20,880.00.
Work Step by Step
I = p * r * t
interest = $(19,200)(0.07)(\frac{15}{12})$=$(1344)(\frac{15}{12})$=$20160\div12=1680$
amount to repay = interest + principal
1680+19,200=20,880
Basic College Mathematics (10th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0134467795
ISBN 13:
978-0-13446-779-5
Chapter 6 - Percent - Test - Page 471: 24
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
