Calculate the total to be repaid on a loan of $4600.00 for 18 months at a rate of 5%.​

Question

Calculate the total to be repaid on a loan of $4600.00 for 18 months at a
rate of 5%.​

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niczorrrr 3 years 2021-08-25T05:11:15+00:00 1 Answers 0 views 0

Answers ( )

  1. diemthu
    0
    2021-08-25T05:12:32+00:00
    Reply

    Answer:

    $4945

    Step-by-step explanation:

    the interest on the loan can be found by using this formula:

    I = P · r · t     P = principal, r = interest rate, t= time (in years)

    I = 4600(.05)(1.5)

    I = 345

    Total Amount = Principal plus Interest

    Total Amount = 4600 + 345 = $4945

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