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Back to 6.3 Simple Interest

6.3 Exercise 3

Avg difficulty 2.5

Riley runs an auto repair shop, and needs to purchase a new brake lathe, which costs $11,995. She takes out a two-year, simple interest loan at an annual interest rate of 14.9%. How much interest will she pay and how much total will she repay on the loan?

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 3

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.