Find the amount paid for the loan.
$4800 at 9.9% for 4 years
4 answers
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To find the amount paid for the loan, you can use the following formula:
Total amount paid = principal + total interest
Where,
Principal = $4800 (the amount of the loan)
Total interest = (principal x rate x time) = (4800 x 9.9% x 4) = $1881.60
So, the total amount paid for the loan is:
Total amount paid = $4800 + $1881.60 = $6681.60
Therefore, the amount paid for the loan is $6681.60.
Total amount paid = principal + total interest
Where,
Principal = $4800 (the amount of the loan)
Total interest = (principal x rate x time) = (4800 x 9.9% x 4) = $1881.60
So, the total amount paid for the loan is:
Total amount paid = $4800 + $1881.60 = $6681.60
Therefore, the amount paid for the loan is $6681.60.
1 answer