Faith8182
Answered

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HELP PLS HJJHHHJJHH

HELP PLS HJJHHHJJHH class=

Sagot :

Answer:

See below ↓↓

Step-by-step explanation:

Important facts given [needed to solve]

  • Time period = 3 years
  • Loan amount = $5000
  • Interest rate = 8% (semi-annually - twice a year)
  • Monthly payment = $156.68

Solving :

  • Total amount to be repaid = Monthly payment x 3 years
  • = Monthly payment x 3 x 12 months
  • = $156.68 x 36
  • = $5640.48 (a)

Interest paid

  • Total amount repaid - Initial loan amount
  • = 5640.48 - 5000
  • = $640.48 (b)
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