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Fred borrows $1120 at 19% intenest per month. When Fred pays the loan back 3 years later, how much interest does Fred pay?

Fred borrows $1120 at 19% intenest per month. When Fred pays the loan back 3 years later, how much interest does Fred pay?
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14 votes
Fred borrows $1120 at 19% intenest

per month. When Fred pays the loan
back 3 years later, how much interest
does Fred pay?

User Mertez
by
8.3k points

1 Answer

9 votes

Answer:

$638.4

Explanation:

19% of 1120 = 212.8

212.8 x 3 = 638.4

User Jonathan Pearl
by
7.6k points
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