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1. Calculate the interest on a five-year loan of $13,950 at a 5.8% rate of interest.
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5 votes
1. Calculate the interest on a five-year loan of $13,950 at a 5.8% rate of interest.

User Reversed Engineer
by
6.2k points

2 Answers

4 votes
I=prt
I=13,950×0.058×5
I==4,045.5
User Allison Lock
by
6.9k points
1 vote
well if its compounded annually
End Balance$18,492.79
Total Principal$13,950.00
Total Interest$4,542.79
User Sunil Aher
by
5.6k points
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