Question

You decide to borrow $7,000,000 at 2.5% simple interest for 3 days. How much total do you owe on this loan after the 3 days pass? Assume 365 days in a year.

Name: you decide to borrow 7000000 at 25 simple interest for 3 days how much total do you owe on this loan after the 3 days pass assume 365 days in a year 31534
Uploaded: 2023-07-21T23:05:24-08:00
Duration: 1 min 43 s
Channel: Kathleen Carty
Description: you decide to borrow 7000000 at 25 simple interest for 3 days how much total do you owe on this loan after the 3 days pass assume 365 days in a year 31534

          You decide to borrow $7,000,000 at 2.5% simple interest for 3 days. How much total do you owe on this loan after the 3 days pass? Assume 365 days in a year.

Added by Antonia S.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Kathleen Carty

07/21/2023

Step 1

We can use the formula: Interest = Principal x Rate x Time where Principal is the amount borrowed, Rate is the interest rate, and Time is the time period in years. In this case, Principal = $7,000,000, Rate = 2.5% = 0.025, and Time = 3/365 = 0.00821917808 Show more…

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You decide to borrow $7,000,000 at 2.5% simple interest for 3 days. How much total do you owe on this loan after the 3 days pass? Assume 365 days in a year.