alyciadouglas3607 alyciadouglas3607
  • 15-01-2020
  • Business
contestada

A straight note for $13,400 was executed at 8% annual interest. If the borrower actually paid $3,752 in interest, how many months did he take to pay it off?

Respuesta :

khaqanelahi khaqanelahi
  • 16-01-2020

Answer:

He took 42 months to pay said amount.

Explanation:

To calculate how many months did it take to pay off interest amount to $3,752, we first have to calculate the per month interest payment. Calculation given below.

Per month Interest = (13,400 * 8%)/ 12 = $ 89.33

Months it took to pay $ 3,752 = $ 3,752/ $ 89.33 = 42 months

Answer Link

Otras preguntas

Which best describes how sediment forms?
What is 5-2n>8-4n who that answer
The cotton gin and the sewing machine both contributed to the growth of which industry?
an item has a price tag of $35 and another tag that says 20% off what is the sale price?
what kinds of organisms perform photosynthesis
Write a fact with the same sum as 7+5
Explain how you can find 3x584 using expanded form
Why were the people in early farming communities able to do various kinds of work?
Can you describe the structure of the government set up under the articles of confederation?
Which of the following is not a function of protein? A. Helping cells communicate B. Serving as enzymes C. Insulating the body D. Giving cells structure