What is the interest you will pay if you borrowed $120 at 5% interest for 6 years?
2 answers:
Answer:
Hope this helps!
Step-by-step explanation:
We will need the loan payment formula:
That formula is really complex and we expect you to solve it.
Your monthly payment would be $1.93 per month for 6 years making the TOTAL loan cost 1.93 * 12 * 6 = 138.96
Since the principal you borrowed is $120 the total interest =
(138.96 minus 120.00) which equals $18.96
Answer:
The answer is 36
Step-by-step explanation:
120*0.05=6
6.6=36
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