Question

You get a single payment loan of $4,400 at an interest rate of 12% the term of the loan is 172 days how much exact interest will you pay

Answer 1

$ 248. 81 is the answer.

Explanation:

`\carryonlearning`

Answer 2

9514 1404 393

Answer:

$248.81

Explanation:

The interest formula is ...

I = Prt

where principal P earns interest at annual rate r for t years. Here, t is a fraction of a year: 172/365. The interest is ...

I = $4400×0.12×172/365 ≈ $248.81

You will pay interest of $248.81.