Jessica borrowed $9,000 the bank gives her an interest rate of 7.5% for a period of 2 1/2 years
What’s the total amount she will to pay back at the end of the loan
To find the total amount Jessica will have to pay back at the end of the loan, we need to calculate the interest first.
First, let's convert 2 1/2 years to a decimal: 2 + 1/2 = 2.5 years.
Next, we'll calculate the interest: Interest = Principal * Rate * Time
Interest = $9,000 * 7.5% * 2.5 = $1,687.50
Finally, we'll add the interest to the principal to find the total amount she will have to pay back: Total = Principal + Interest = $9,000 + $1,687.50 = $10,687.50
Therefore, Jessica will have to pay back $10,687.50 at the end of the loan.