cline borrowed $3500 from credit union in February 2006. The rate of interest was 10.75%. He complet

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cline borrowed $3500 from credit union in February 2006. The rate of interest was 10.75%. He completed paying back the money in August 2008. How much Interest did he pay

Jun 4th, 2015

Thank you for the opportunity to help you with your question!

Borrowed amount = $3,500

Time period from February 2006 to August 2008= 31 months

Interest = $3,500 * 10.75 % * 31/12

              = $971.98  Approximately

(But if we take 30 months, then interest will be = $3,500 * 10.75% * 30/12=$940.63 approximately)

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 4th, 2015

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