Answer:
Finding the total accrued amount is necessary before we can determine the interest rate.
Simply multiplying the monthly payment by the number of months in a 12-year period will give us the accrued amount.
144 months in 12 years.
$680 x Monthly Payment
A = 680 * 144
A = $97920
We can use the following formula now that we know the total accrued sum:
A= 97920
P = 72000
t= 12
Let's replace them with our values now.
The percentage value is then obtained by multiplying the r value by 100.
0.03 x 100 = 3%
The interest rate for Alexia is 3%.