Question

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

Answer 1

$4945

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