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vesna_86 [32]
2 years ago
13

you borrow $5,860 from a bank you will have monthly payments of $205.10 for 3 years what percent will you pay back in interest o

ver the entire period of the loan
Mathematics
1 answer:
disa [49]2 years ago
3 0

Answer:

  26%

Step-by-step explanation:

Your 36 monthly payments will total ...

  36 × $205.10 = $7383.60

$5860 of that is the amount you borrowed. The remainder is the interest you pay:

  $7383.60 -5860 = $1,523.60

As a percentage of the original loan amount this is ...

  $1523.60/$5860 × 100% = 26%

You pay back 26% of the original loan amount in interest.

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