carrotman7002
Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.