Xavier has a student loan with a principal of $7500. His student loan has a 4.9% simple interest rate per month. After 4 months, how much money will he owe including principal and interest?

1 Answer
Nallasivam V
Jul 17, 2018

The money he owes after 4 months along with the principal =$. 8970

Explanation:

Principal amount =$.7,500
The rate of interest =4.9% per month

Interest for four months =7,500xx4.9/100 xx 4=147000/100=1470

The money he owes after 4 months along with the principal =7500+1470=8970

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