Your father loans you $12,000 to make it through your senior year. His repayment schedule requires payments of $1401.95 at the e
1 answer:
Provides a loan at the rate of interest is 8% per annum.
<h3>What is a Rate of Interest?</h3>The interest rate is the amount charged on top of the principal by a lender to a borrower for the use of assets generally chargeable on year bases.
Given,
Loan Amount = $12,000
Instalment payment = $1401.95
Time period = 15 years
Required to calculate Rate of Interest
The calculation of the Rate of Interest is shown in the image given below:
Thus, we get an 8% rate of interest after calculating the above figure. gives a loan of 8% per annum.
Learn more about the Rate of Interest here:
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