2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

Question

asked Apr 22, 2020 105k views

1 Answer

FatBoyXPC · Answer 1 · 2020-04-28T10:22:17+0000

Answer:

Total Interest paid is $713.60

Loan $4,000.00 x60 months x6.75%

Payments $78.56X60=4,713.60

Deduct starting balance of $4,000.00 from total payments

Total $713.60

Explanation: