SOLUTION: PLEASE HELP: I have to find the total amount due for each simple interest loan for $3125 at 4.81% interest for 10 years.
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Question 149384: PLEASE HELP: I have to find the total amount due for each simple interest loan for $3125 at 4.81% interest for 10 years.
Answer by mangopeeler07(462) (Show Source): You can put this solution on YOUR website!
First figure out what 4.81% of 3125 is. So set it up as
x/3125=4.81/100
Cross multiply
100x=15031.25
Divide by 100
x=150.3125
In money terms, that is
$150.31
Add that to $3125.00 ten times
3125+10(150.31)
3125+1503.10=4628.10
Amount due: $4628.10
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