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 (9th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0321825535
ISBN 13:
978-0-32182-553-7
Chapter 6 - Percent - Test - Page 473: 24
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