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John took out a loan to do some repairs on his home. He borrowed $25,000 for 6 years. The bank compounded the interest monthly and charged a 6.5% interest rate. How much interes…

John took out a loan to do some repairs on his home. He borrowed $25,000 for 6 years. The bank compounded the interest monthly and charged a 6.5% interest rate. How much interes…
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4 votes
John took out a loan to do some repairs on his home. He borrowed

$25,000 for 6 years. The bank compounded the interest monthly and
charged a 6.5% interest rate. How much interest did he have to pay to
borrow the money? Round to the nearest cent. *

User Pranav Prakash
by
7.5k points

1 Answer

3 votes

Answer:

25000 ÷ 72mo. = 347.20 x 6.5% = $225.70

User Rjmurt
by
8.3k points
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