you are starting your own small business in Albuquerque. you borrow $10,000 from the bank at 9% rate for 5 years. find the interest you will pay on this loan.

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Bmaggi asked Nov 11, 2022

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you are starting your own small business in Albuquerque. you borrow $10,000 from the bank at 9% rate for 5 years. find the interest you will pay on this loan.

Mathematics
high-school

Bmaggi asked Nov 11, 2022

by Bmaggi

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1 Answer

10 votes

Answer:

2,455

Explanation:

Your monthly payment on a personal loan of $10,000 at a 9% interest rate over a 5-year term would be $208. You would pay $2,455 in total interest over the life of this loan.

Hope this helps! c:

Alan Ocallaghan answered Nov 15, 2022