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What is the interest earned on a $30,700 loan that has been taken out for 10 years at 5.24%
interest? Round your answer to the nearest cent, if needed.

Respuesta :

Answer:

I = $16,087

Step-by-step explanation:

A = P(1 + RT), Where A is the amount, P is the principal, R is the rate and T is the time.

A = $30,700(1 + 0.0524(10))

A = $30,700 + $16,086.80 = $46,786.80

A = P + I(Interest)

I = $16,086.80 = $16,087 (answer rounded up to nearest cent)