Jacqueline took out a $30,000 student loan with a fixed interest rate to pay for college. Jacqueline did not make payments on her loan for a period of 7 years. After this time period interest had accrued, resulting in the loan balance increasing to $56,000. What is is the 7-year growth factor for the amount that Jacqueline owes on the loan?

Q: Eileen earned $45 in annual interest from a savings account with a 3.5% annual interest rate.…

A: Eileen earned $45 in annual interest from a savings account with a 3.5% annual interest rate.…

Q: Lucy deposits $3000 into an account that pays simple interest at a rate of 3% per year. How much…

A: Simple interest formula for an amount of P at an interest rate of r% for t years is given by;…

Q: y borrows $79,500 for

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A: Simple interest algebra

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Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

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A: According to the given data Initial investment is $10000 After 5 years it becomes $17320 That means…

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Q: Find the principal invested if $495 interest was earned in 3 years at an interest rate of 6%.

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A: Given, Ms. Drake invests $1000 at a simple interest rate of 8.5% for 2 years. The interest during…

Q: Richard invests $298.66 every month into an account. At the end of 30 years, he has a balance of…

A: Given: The investment rate is $298.66 per month and  total time 30 year=360month and final balance…

Q: Park bought a house 15 years ago, taking out a $140,000 mortgage at 6% interest for 30 years, making…

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Q: Find the interest paid by veronica on P35,000 that she borrowed for 2 years at 15% simple interest.

A: Given: P=$15000t=2 yrsr=15%

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Q: Darien borrows $6580 to help pay for university tuition at an annual interest rate of 7%. He plans…

A: Note: we know the simple interest formula is I = Prt  Here P is the principle amount or initial…