Question

What are her monthly payments

Answer 1

The interest she is pay total is $2340.822 when Angela's bank granted her a 6380 loan with a 3 year add-on interest period. 12.23% is the interest rate per year.

Given that,

For the purpose of buying new equipment for her business of antique restoration, Angela's bank granted her a 6380 loan with a 3 year add-on interest period. 12.23% is the interest rate per year.

We have to find will she pay interest at all.

We know that,

i=p×r×t

Here,

i is interest.

p is principal amount.

r is rate of interest

t is time.

So, p is $6380

r is 12.23%

t is 3 years

So,

i= 6380×0.1223×3

i= $2340.822

Therefore, the interest she is pay total is $2340.822 when Angela's bank granted her a 6380 loan with a 3 year add-on interest period. 12.23% is the interest rate per year.

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