Question

You get a single payment loan of $4,400 at an interest rate of 12% the term of the loan is 172 days how much exact interest will you pay

Answer 1

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Answer:

  $248.81

Step-by-step explanation:

The interest formula is ...

  I = Prt

where principal P earns interest at annual rate r for t years. Here, t is a fraction of a year: 172/365. The interest is ...

  I = $4400×0.12×172/365 ≈ $248.81

You will pay interest of $248.81.

Answer 2

Answer:

$ 248. 81 is the answer.

Step-by-step explanation:

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