-I need help on this question ASAP I keep trying to do 3500(1+.056/12)^12, then I get 3701.10974933 and try to subtract 3500 from it and get 201, but that is not an answer. Plz explain how to do this problem because I have multiple problems like this, Thanks!

Question

Bastian takes out a $3,500 personal loan with 5.6% fixed annual interest compounded monthly to pay for a welding certification program. He repays the loan in one year.

How much total interest does Bastian pay on his loan?

$1,400.321 dollars

$107.08107 point 0 8 dollars

$300.59300 point 5 9 dollars

$408.36

Answer 1

your calculations are correct.
There is some kind of typo in the problem.

Answer 2

Hmm thats weird could you help me with this problem thenDivya has a 30-year mortgage for $248,000 with a 3.8% fixed annual interest rate.

What is the total interest Divya pays on her loan?

$60,980.8060 dollars

$168,005.20168 dollars

$282,720.00282 dollars

$416,005.20

Answer 3

The monthly payment is
Pr(1+r)^n/((1+r)^n - 1)
or, equivalently,
Pr/(1 - (1+r)^-n)
where r = the monthly rate
In this case, that would be
248000*(0.038/12) /(1 - (1+.038/12)^-360) =1155.57 per month
So, after 360 months, the interest would be
360*1155.57 - 248000 = 416,005.20