Question

Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years.

Answer 1

The interest would be $17,878

Use:

P(I)(N)

Where P = 55,000

I = 0.065 *found by dividing 6.5/100*

and N = 5

55000(.065)(5) = 17878

Answer 2

Answer:

The interest paid is $3,575

The yearly payment is $11,715

The monthly payment is $976.25

Step-by-step explanation: