yg400de28 yg400de28

13-11-2015
Mathematics

Answered

freddie owes $12,500 for a loan to be repaid in 5.5 years. If the interest rate is 4.375%, then how much will he pay altogether to the nearest cent?

Verified Answer :

Narusin12 Narusin12

13-11-2015

To find the how much he will pay, we do:
12,5004.375=546.875
546.8755.5=3007.81
3007.81+12500=15507.81
So he has to pay $15,507.81 in 5.5 years

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