Question

Susan loaned Joey $16,840 at an interest rate of 17% for 4 years. How much will Joey pay Susan at the end of 4 years? Round your answer to the nearest cent, if necessary.

Answer 1

interest rate: 17% or 0.17

loan amount: $16,840

loan duration: 4 years

we calculate the interest on the loan: 16.840*4*0.17=$11451.2

amount reimbursed by Joey at the end of 4 years: 16,840+11451.2=$28291.2 = $28291