Springboard P. 128, #1 - 3 1. Dr. Blevins will have to take out another loan for other costs, such as equipment,
furniture, products, and advertising. The loan will be for $25,900 over 5 years at 6.25%.
Find what the interest will be on the loan for these other costs.
I
2. Attend to precision. The local shelter decided to build an addition for cats. They
borrowed $6300 from a local bank at a rate of 8%. The high school held a fundraiser
that allowed the shelter to pay off the loan after only 9 months. How much interest did
the shelter pay on this loan?