Question

Harley’s family borrowed $2045 from bank to buy a car . To pay off the loan they have to make 24/payment of $98. How much interest do they have to pay? Show your work

Answer 1

The interest that they have to pay is 15.01% or $307.

Step-by-step explanation:

Given:

The loan amount of the family of Harley is $2045.

Payment to be made: $98 for 24 months or 98x24 = $2352

To identify the amount paid for the interest: amoubt of interest = payment - loan amount

2352-2045= 307.

To convert to percent: (307/ 2045)*100 =15.01