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Work the following interest problem. Loan Amount: $13,000 Method of payment: discount basis Amount of Interest: $625 Term of loan: 1 year

Work the following interest problem. Loan Amount: $13,000 Method of payment: discount basis Amount of Interest: $625 Term of loan: 1 year
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3 votes
Work the following interest problem.

Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
Term of loan: 1 year

User Malajisi
by
8.5k points

1 Answer

3 votes
Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
Term of loan: 1 year
Solution:
=> 13 000 + 625 (interest) = 13 625 dollars.
=> 13 625 dollars / 12 months = 1135.42 dollars monthly
User Jozsef Naghi
by
8.3k points
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