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In order to start a small business, a student takes out a simple interest loan for $3000.00 for 6 months at a rate of 10.50%. a. How much interest must the student pay? b. Find the future value of the loan.

In order to start a small business, a student takes out a simple interest loan for $3000.00 for 6 months at a rate of 10.50%. a. How much interest must the student pay? b. Find the future value of the loan.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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In order to start a small business, a student takes out a simple interest loan for $3000.00 for 6 months at a rate of 10.50%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is $157.50 (Round to the nearest cent as needed.) b. The future value is $ (Round to the nearest cent as needed.) C hp O 76°F Clear 11:42 PM 9/13/2022
Transcribed Image Text:In order to start a small business, a student takes out a simple interest loan for $3000.00 for 6 months at a rate of 10.50%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is $157.50 (Round to the nearest cent as needed.) b. The future value is $ (Round to the nearest cent as needed.) C hp O 76°F Clear 11:42 PM 9/13/2022
Expert Solution
Step 1

Given: The principal amount is $3000, time is 6 months and the simple interest rate is 10.50%.

To find: (a) The amount of interest.

(b) The future value.

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