Question

​angela's bank gave her a 3 ​-year ​add-on interest loan for ​$ 5,260 to pay for new equipment for her antiques restoration business. the annual interest rate is 10.06​%. how much interest will she​ pay?

Answer 1

To calculate the amount of interest Angela will pay, we can use the formula: Interest = Principal x Rate x Time. Given that the loan amount is $5,260 and the interest rate is 10.06%, Angela will pay $1,586.52 in interest.

Step-by-step explanation:

To calculate the amount of interest Angela will pay, we can use the formula: Interest = Principal x Rate x Time

Given that the loan amount is $5,260 and the interest rate is 10.06%, we can plug these values into the formula:

Interest = $5,260 x 10.06% x 3

Calculating this, we get:

Interest = $5,260 x 0.1006 x 3 = $1,586.52

Therefore, Angela will pay $1,586.52 in interest.