NotMathGenius NotMathGenius

05-04-2016
Mathematics

Answered

You take out a loan for $550 at a rate of 4.5% for 3 years. At the end of 3 years, how much interest has accumulated on the loan?

Verified Answer :

jcrandell21 jcrandell21

05-04-2016

550 4.5% = 24.75

24.75 3 = 74.25

The loan has accumulated to $74.25

The total paid back would be $624.25

Hope I could help :)

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