jaysteezed jaysteezed
  • 25-09-2021
  • Mathematics
contestada

You finance $12,500 at an interest rate of 8% for 6 year. How much interest will you pay
over the course of the loan?

Respuesta :

SuhanaWagle
SuhanaWagle SuhanaWagle
  • 25-09-2021

Answer:

You will pay an interest of 6000$ over the coarse of your loan.

Step-by-step explanation:

Principle = 12,500

Interest = 8%

Time =  6 years

Simple interest = [tex]\frac{Principle * Rate * Time}{100}[/tex]

Simple interest = [tex]\frac{12500*8*6}{100}[/tex]

SI= 6000$

You will pay an interest of 6000$ over the coarse of your loan.

Hope this helps.

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