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1. How much in interest will Jamison pay for a 36-month $3,000 loan that charges 10 percent
interest? The payments will be $96. 80 per month.

Respuesta :

jafruevu

Answer:

$25

Step-by-step explanation:

We know,

Monthly interest = (Principal × Interest rate) ÷ 12

Given,

Loan principal = $3,000

Interest rate = 10% = 0.10

Therefore, monthly interest = ($3,000 × 0.10) ÷ 12

Monthly interest = $300 ÷ 12

Monthly interest = $25

Therefore, the principal amount to be paid per month is = $(96.80 - 25) = $71.80.

So, Jamison will pay $25 as interest for the 36-month $3,000 loan.

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