SOLUTION: Jamie wants to borrow $15,000 from South Western Bank. They offered her a 4-year loan with an APR of 5.5%. How much will she pay in interest over the life of the loan?

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Question 809751: Jamie wants to borrow $15,000 from South Western Bank. They offered her a 4-year loan with an APR of 5.5%. How much will she pay in interest over the life of the loan?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming simple interest is computed, this means

I = P*r*t

I = 15000*0.055*4

I = 3300

So she will pay a total of $3,300 in interest alone.