Osvaldo wants to go to school to be a reporter. He takes out a loan for $140,000. The interest rate on this will be 3% for 4 years. What

Question

Osvaldo wants to go to school to be a reporter. He takes out a loan for $140,000. The interest rate on this will be 3% for 4 years. What would the interest be that Osvaldo would have to pay?

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Ngọc Hoa 2 weeks 2021-09-05T07:13:10+00:00 1 Answers 0 views 0

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    2021-09-05T07:14:52+00:00

    9514 1404 393

    Answer:

      $16,800

    Step-by-step explanation:

    The interest is computed using the formula …

      I = Prt

    where P is the loan amount, r is the annual rate, and t is the number of years.

    Filling in your given information, you have …

      I = $140,000 × 0.03 × 4 = $16,800

    Osvaldo would have to pay $16,800 in interest.

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