Question

What is the loan amount if the interest rate is 7.5% per year and the monthly interest payment is $1,250?

Answer 1

The amount of the loan was $ 13,953.48.

Step-by-step explanation:

To determine what is the loan amount if the interest rate is 7.5% per year and the monthly interest payment is $ 1,250, the following calculation must be performed:

1250 x 12 = 15,000

1,075X = 15,000

X = 15,000 / 1,075

X = 13,953.48

Therefore, the amount of the loan was $ 13,953.48.