3 years ago

What is the interest you will pay if you borrowed $120 at 5% interest for 6 years?

Mathematics

2 answers:

kobusy [5.1K]3 years ago

6 0

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

hichkok12 [17]3 years ago

6 0

Answer:

The answer is 36

Step-by-step explanation:

120*0.05=6

6.6=36

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