carrotman7002
Answered

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What is the amount of INTEREST paid on this loan: Principal: $3,500 Rate: 14% Term: 2 years​

Sagot :

35684773

Answer:

Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.

Monthly loan payment is $400.76 for 60 payments at 7.5%.

Step-by-step explanation:

Calculate:PaymentAmount

?Loan amount:*Enter an amount between $0 and $100,000,000

$20,000

?Monthly payment:

$401

?Interest rate:*Enter an amount between 0% and 25%

7.5%

?Term in months:*Enter an amount between 1 and 480

60

Total interest paid:$4,045.51

Total payments:$24,045.51

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