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Phantasy [73]
3 years ago
9

Due to unexpected circumstances, you take out a loan for $5,000 to pay for a lawyer. You agree to pay it back over the next 5 ye

ars at a rate of 22.5% (because your credit score is really really low). At the end of the 5 years, how much did this "unexpected circumstance" end up costing you in all?
Mathematics
1 answer:
wlad13 [49]3 years ago
3 0
P=$5000
R=22.5
T=5yrs
I=PxRxT= 5000x22.5x5=50x22.5=1125x5=5625
———= ———————
100 =. 100
The answer is $5625
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