Lonnie reds extra money to buy a truck to start up a delivery service. He takes out a simple interest loan for $5000.00 for 9 months at a rate of 5.25%. How much interest must he pay, & what is the future value of the loan?
Well, to find the loan or the Interest, so you would multiply 5,000 times 9 times .0525 and you would get 23,625 is the Interest, and you would have to pay 2,625.
