simple interest question

timer Asked: Oct 30th, 2015
account_balance_wallet $5

Question Description

find the simple interest and total amount due on a $1850 loan at 9 1/2% for 2 1/2 years

Tutor Answer

School: UT Austin

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

We have

Total amount=$1850

Yearly interest =9.5%

Time=2.5 year

Formula for monthly payment:-

So monthly payment=$69.52

So the total payment=69.52*12*2.5=$2085.6


Please let me know if you need any clarification. I'm always happy to answer your questions.

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