simrankaur89 simrankaur89

13-11-2019
Mathematics

contestada

2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

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rowan35husky rowan35husky

16-11-2019

Answer:

Total Interest paid is $713.60

Loan $4,000.00 x60 months x6.75%

Payments $78.56X60=4,713.60

Deduct starting balance of $4,000.00 from total payments

Total $713.60

Step-by-step explanation:

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