Enrique takes out a student loan to pay for his college tuition this year. find the interest on the loan if he borrowed $2,500 at annual interest rate of 6% for 15 years.
Suppose the interest model payment follows a simple interest model. The amount of interest to be paid will be given by: I=(PRT)/100 P=principle=$2500 R=rate=6% T=time=15 years.
