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Flauer [41]
3 years ago
12

The business manager of paws and claws pet supply arranges a loan of $3,500, at 6.5% interest, for 30 months. find the amount of

interest.
Mathematics
1 answer:
fomenos3 years ago
4 0
You will need to use the total loan cost formula which can be found here:
http://www.1728.org/loanfrm4.htm

Total Loan Cost = [(rate * princ)/ (1-(1+r)^-n)] * n
where "n" is the number of payments which in this case is 30
the rate is entered as (6.5 / 1,200) or <span> <span> <span> 0.0054166667 </span> </span> </span>

Total Loan Cost = [(<span> <span> 0.0054166667 </span> * 3,500) / (1-(1</span><span>.0054166667)^-30)] * 30
</span>
Total Loan Cost =  [<span> <span> <span> (18.95833345) /  </span> </span> </span> (1- <span> <span> <span> 0.8503889213 </span> </span> </span> )] * 30

Total Loan Cost =  <span> <span> </span></span><span><span>[18.95833345 / </span>0.1496110787</span>] * 30

Total Loan Cost =  <span> <span> <span> 126.717443753  </span> </span> </span> * 30

<span><span>Total Loan Cost =  3,801.52</span> </span>

By calculating <span> 3,801.52 minus 3,500.00 we get the amount of interest
</span>
<span> <span> <span> 301.52

</span></span></span>
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