Asked by jj
on a loan of $3700 a person pays back $430 monthly over 4 years. how much interest was paid on the loan? show ur work
A) 20640 B) 16940 C) 2410 D) 1720
A) 20640 B) 16940 C) 2410 D) 1720
Answers
Answered by
Reiny
interest = 430(48) - 3700 = 16900
absurd question!!!
The more interesting question would be:
What would be the interest rate for this scenario??
430(1 - (1+x)^-48)/x = 3700
1 - 1/(1+x)^48 = 8.6x
x ≈ 0.115671 , so the annual rate is appr 139%
absurd question!!!
The more interesting question would be:
What would be the interest rate for this scenario??
430(1 - (1+x)^-48)/x = 3700
1 - 1/(1+x)^48 = 8.6x
x ≈ 0.115671 , so the annual rate is appr 139%
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