QuestionAugust 12, 2025

Jackson took out a loan for 25,800 The annual interest rate is 6.95% and the loan will be repaid in 5 years. Calculate the total amount to be paid on Jackson's loan. square

Jackson took out a loan for 25,800 The annual interest rate is 6.95% and the loan will be repaid in 5 years. Calculate the total amount to be paid on Jackson's loan. square
Jackson took out a loan for 25,800 The annual interest rate
is 6.95%  and the loan will be repaid in 5 years. Calculate the
total amount to be paid on Jackson's loan.
square

Solution
3.3(209 votes)

Answer

34768.50 Explanation 1. Calculate the interest Use the formula for simple interest: I = P \cdot r \cdot t, where P = 25800, r = 0.0695, and t = 5. I = 25800 \cdot 0.0695 \cdot 5 = 8968.50 2. Calculate the total amount to be paid Add the interest to the principal: Total = Principal + Interest = 25800 + 8968.50

Explanation

1. Calculate the interest<br /> Use the formula for simple interest: $I = P \cdot r \cdot t$, where $P = 25800$, $r = 0.0695$, and $t = 5$.<br /> $I = 25800 \cdot 0.0695 \cdot 5 = 8968.50$<br />2. Calculate the total amount to be paid<br /> Add the interest to the principal: Total = Principal + Interest = $25800 + 8968.50$
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