Chantelle takes out a loan of $3,500 with an APR of 4.25%. She will repay the loan in monthly payments for 6 months. To find the

Question

2 years ago

13

Chantelle takes out a loan of $3,500 with an APR of 4.25%. She will repay the loan in monthly payments for 6 months. To find the

total amount of interest she will pay, Chantelle uses an online calculator. What are the correct numbers she should enter?

Mathematics

2 answers:

Elan Coil [88] · Answer 1 · 2022-07-13T14:03:38+03:00

Elan Coil [88]2 years ago

7 0

Answer:

p

Step-by-step explanation:

givi [52] · Answer 2 · 2022-07-13T12:53:34+03:00

Answer:

P = 3,500 r = 0.0425 n = 12 t = 0.5

Step-by-step explanation:

P is the principal amount, which in this case is $3,500, or the start amount.

r is the interest rate, which is 4.25%. Change 4.5% to decimal form and it will be 0.0425.

n is the number of times the loan is repaid, or 12.

t is the time. In this case, the loan will be for 6 months, or half a year. Remember that variable t is always in term of years. In decimal form, half a year is 0.5.