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30 October, 20:41

Chantelle takes out a loan of $3,500 with an APR of 4.25%. She will repay the loan in monthly payments for 6 months. To find the total amount of interest she will pay, Chantelle uses an online calculator. What are the correct numbers she should enter?

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  1. 31 October, 00:32
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    APR = Annual Percentage Rate

    [ (3500x0.0425) + 3500]/2

    The numerator is divided by 2 because 6 months is half of a year.
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Home » Mathematics » Chantelle takes out a loan of $3,500 with an APR of 4.25%. She will repay the loan in monthly payments for 6 months. To find the total amount of interest she will pay, Chantelle uses an online calculator.
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