What would wages look like if there was no minimum wage?

if changed now they'd probably stay the same

Explanation:

people aren't going to buy anything if they don't have enough money to even feed themselves so if wages were lowered, especially minimum wage, that would be pretty bad lol

$2,100

Explanation:

The value of the loan is $30,000

Interest rate is 7%

Annual payments are constant, indicating simple interest is being applied.

Interest expense on the first year will be

I = P x R x T

where

P is the principal amount. $30,000

R is interest rate 7 % or 0.07

T is 1 year

I = $30,000 x 0.07 x 1

I = $2,100