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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 interest did he have to pay to
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Aug 7, 2021
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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 interest did he have to pay to
borrow the money? Round to the nearest cent. *
Mathematics
middle-school
Pranav Prakash
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Answer:
25000 ÷ 72mo. = 347.20 x 6.5% = $225.70
Rjmurt
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Aug 13, 2021
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Rjmurt
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