9514 1404 393
Answer:
$1487.50
Step-by-step explanation:
The amount of interest due is ...
I = Prt
where P is the loan amount, r is the annual rate, and t is the number of years. Here, t = 6 months = 1/2 year, so the interest due is ...
I = $1400×0.125×1/2 = $87.50
The total amount due is the sum of the loan amount and the interest:
due = $1400 +87.50 = $1487.50
The total amount due after 60 months is $1487.50.
