Answer:
The amount which Steph pays for the original loan amount and interest is $81,000 .
Step-by-step explanation:
Given as :
The original loan amount took by Steph = P = $ 30,000
The rate of interest = R = 8.5 % at simple interest
The time period of the loan = T = 20
Let The amount she pay = $ A
Now, From Simple Interest method :
Simple Interest = [tex]\dfrac{\textrm Principal\times \textrm rate\times \textrm time}{100}[/tex]
or, SI = [tex]\dfrac{\textrm P\times \textrm r\times \textrm T}{100}[/tex]
or, SI = [tex]\dfrac{\textrm $30,000\times \textrm 8.5\times \textrm 20}{100}[/tex]
or, SI = [tex]\frac{5100000}{100}[/tex]
∴ Simple Interest = SI = $51,000
Now, Amount = Original amount + Simple Interest
Or, A = $30,000 + $51,000
Or, A = $81,000
So, The amount she pay altogether = A = $81,000
Hence The amount which Steph pays for the original loan amount and interest is $81,000 . Answer
