Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

If you take out a loan that costs 561.60 over 35 months at an interest rate of 9% how much interest do you owe on the loan

Sagot :

Parrain

Answer: $167.86

Step-by-step explanation:

Assuming the rate is an annual rate. Convert it to a monthly rate:

= 9% / 12

= 0.75%

Use compound interest formula to find out the total owed:

= Amount * ( 1 + rate) ^ period

= 561.60 * ( 1 + 0.75%)³⁵

= $729.46

Interest = Total owed - cost of loan

= 729.46 - 561.60

= $167.86

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.