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If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600

If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600
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If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty?

a. $200
b. $600

User Hyprstack
by
8.0k points

1 Answer

2 votes
The formula is
I=prt
I amount of penalty ?
P loan 30000
R interest rate 0.08
T time 90/360
I=30,000×0.08×(90÷360)
I=600

Hope it helps!
User Raghvendra Singh
by
7.6k points
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