To determine the amount of interest the student owes, we can use the simple interest formula:

$$ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} $$

Where:
- Principal (P) is the amount borrowed, which is $15,000.
- Rate (R) is the annual interest rate, which is 10% or 0.10 in decimal form.
- Time (T) is the duration of the loan in years, which is 3 years.

Now, substituting the given values into the formula:

$$ \text{Interest} = 15,000 \times 0.10 \times 3 $$

First, multiply the principal by the rate:

$$ 15,000 \times 0.10 = 1,500 $$

Next, multiply the result by the time:

$$ 1,500 \times 3 = 4,500 $$

Therefore, the student owes $4,500 in interest.

Question

To determine the amount of interest the student owes, we can use the simple interest formula:

$$ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} $$

Where:
- Principal (P) is the amount borrowed, which is $15,000.
- Rate (R) is the annual interest rate, which is 10% or 0.10 in decimal form.
- Time (T) is the duration of the loan in years, which is 3 years.

Now, substituting the given values into the formula:

$$ \text{Interest} = 15,000 \times 0.10 \times 3 $$

First, multiply the principal by the rate:

$$ 15,000 \times 0.10 = 1,500 $$

Next, multiply the result by the time:

$$ 1,500 \times 3 = 4,500 $$

Therefore, the student owes $4,500 in interest.

Knowee AI · Accepted Answer

To determine the amount of interest the student owes, we can use the simple interest formula:

$$ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} $$

Where:
- Principal (P) is the amount borrowed, which is $15,000.
- Rate (R) is the annual interest rate, which is 10% or 0.10 in decimal form.
- Time (T) is the duration of the loan in years, which is 3 years.

Now, substituting the given values into the formula:

$$ \text{Interest} = 15,000 \times 0.10 \times 3 $$

First, multiply the principal by the rate:

$$ 15,000 \times 0.10 = 1,500 $$

Next, multiply the result by the time:

$$ 1,500 \times 3 = 4,500 $$

Therefore, the student owes $4,500 in interest.

A student obtained a personal loan to pay for college. The student borrowed $15,000 for 3 years at a rate of 10%. How much interest does the student owe?

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