Question

A bank gives a special loan rate to the city’s non-profit pet shelter. The shelter borrows $7,500 to install new heat pumps in the reptile cage area. The shelter’s 24 monthly payments are $330. What total amount of interest does the shelter pay back to the bank? What is the average annual percentage rate for this loan?

Answer 1

Answer:

she has to payback the bank 7,920 but she borrowed 7,500 so the amount of interest is 420 dollars because thats how much she needs to pay more.

per month she pays 330.

i guess that is 330 percent of 7,920 idk.

Step-by-step explanation:

330 x 24 = 7,920.

7,920-7,500 = 420