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9 February, 01:17

Work the following interest problem.

Loan Amount: $13,000

Method of payment: discount basis

Amount of Interest: $625

Term of loan: 1 year

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  1. 9 February, 04:54
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    Loan Amount: $13,000

    Method of payment: discount basis

    Amount of Interest: $625

    Term of loan: 1 year

    Solution:

    => 13 000 + 625 (interest) = 13 625 dollars.

    => 13 625 dollars / 12 months = 1135.42 dollars monthly
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