Amount amount financed equal 1750 number of payments per year is 12 number of payment equals 336 total interest equals $300 what's the interest percent

Question

Mathematics

Walker Collins

17 November, 14:14

Amount amount financed equal 1750 number of payments per year is 12 number of payment equals 336 total interest equals $300 what's the interest percent

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Answers (1)

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Louis Patel · Answer 1

I total = 300

I total = P*i*n

i = annual interest rate

i = Itotal (P*n)

i = 300 / (1750*3); n = 3 years

i = 5.71%

Monthly interest = 300 / (1750 * (3*12))

n = 3 years * 12 months

Monthly interest = 0.47%