If John has taken a loan of $60,000 at a yearly interest rate of 8 percent, what is John’s interest expense for every month?

Question

asked Nov 5, 2019 214k views

2 Answers

FloChanz · Answer 1 · 2019-11-06T05:29:01+0000

Answer:

total interest for the year is $4800

$4800 / 12 = $400 monthly interest expense

so correct answer is $400

Explanation:

A = $64,800.00

I = A - P = $4,800.00

Equation:

A = P(1 + rt)