Lynn takes out a loan for $7540 that charges an annual simple interest rate of 6.5%. she does not make any payments for 2 1/2 years. how much will lynn owe on her loan after 2 1/2 years?

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The Amount after 2 years is $8765.25

Step-by-step explanation:

Given as :

The principal loan amount = p = $7540

The rate of interest = r = 6.5%

The time period of loan = t = 2 years = years = 2.5 years

Let The Amount after 2.5 years = $A

Now, From Simple Interest method

Simple Interest =

Or , s. i =

Or, s.i =  

Or, s.i =

Or, s.i = $1225.25

So, The simple interest =  s.i = $1225.25

Now, Again

∵ Amount = Principal + interest

So, A = $7540 + $1225.25

∴  A = $8765.25

So, The Amount after 2 years = A = $8765.25

Hence,The Amount after 2 years is $8765.25 Answer

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step-by-step explanation: