Calculate the amount of simple interest paid on a loan of $5682, at a rate of 5.9% per year for 48 months. Then calculate the total amount of the loan. Round your answer to two decimal places.
Added by Tom-S E.
Step 1
9% or 0.059 Time = 48 months Simple Interest = 5682 × 0.059 × 48 Simple Interest = $1593.12 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Narayan Hari and 88 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.) Amount of loan = $11,000 at an annual interest rate of 4.8% for 6 years.
Narayan H.
You take out a mortgage of $700000 with annual interest rate of 4.8%. The mortgage is paid monthly for 30 years. What is the monthly payment? Round your answer to 2 decimal places.
Mukesh D.
A simple interest, 8-month loan of $5,000 has an annual interest rate of 5.7%. Find the amount of interest paid on this loan. Calculate the maturity value of this loan.
Nick J.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD