Asked by mannat
If a loan was repaid by monthly payments of $9230.00 in 7.5 years at 6.15% compounded annually, how much interest was paid?
Answers
Answered by
Henry
P = Po(1+r)^n.
T = 7.5yr. * 12mo./yr. = 90 mo.
P = 9230/mo. * 90mo. = $830,700.
r = 0.0615.
n = 1comp./yr. * 7.5yrs. = 7.5 compounding periods.
Po = ?.
I = P-Po.
T = 7.5yr. * 12mo./yr. = 90 mo.
P = 9230/mo. * 90mo. = $830,700.
r = 0.0615.
n = 1comp./yr. * 7.5yrs. = 7.5 compounding periods.
Po = ?.
I = P-Po.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.