Answer to Question #182126 in Financial Math for Ereeny Hanna

Question #182126

Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan. Based on 1 year:

a. What was the amount of interest paid by Debbie?

Expert's answer

Interest paid by Debbie is 8% * 12500 /100

8* 12500= 100000

100000/100= 1000

I interest paid by Debbie is $1000

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