Question

A loan of $740 is taken out a daily interest of 0.66%. How much will it cost to pay off the loan after 57 days?​

Answer 1

$1,018.39

Explanation:

Interest formula is I = Prt/100

where P = principal

r = interest rate (in percent)

t = number of time periods

Here we have P = 740

interest = 0.66% per day

t = 57 days

I = 740 x 0.66 x 57 /100 = 278.39 (rounded)

Total amount to pay back = 740 + 278.39 = $1,018.39