Jane gets a simple interest loan for $2500. If the bank charges 3% interest rate how much will her balance be after 5 years?

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26-05-2016
Mathematics

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Jane gets a simple interest loan for $2500. If the bank charges 3% interest rate how much will her balance be after 5 years?

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AppleTehSweetPie AppleTehSweetPie · Answer 1 · 2016-05-26T06:02:13+02:00

AppleTehSweetPie AppleTehSweetPie

26-05-2016

2500 divided by 100 is 25. If you multiply 25 times 3 you'll get 75. Repeat those steps (answers will be different each time) five times. You will get the answer.

Don't want to do that? OK! I'll do it for you!

Answer: 2577.31958575

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