Register

You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?

You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?
203k views
4 votes
You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?

User Sebastian Bergmann
by
8.1k points

1 Answer

4 votes
550 * 4.5% = 24.75

24.75 * 3 = 74.25

The loan has accumulated to $74.25

The total paid back would be $624.25

Hope I could help :)
User Chinmay Mourya
by
8.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!