Register

If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600

If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty? a. $200 b. $600
asked 182k views
0 votes
If you had a loan for $30,000 at an annual interest rate of 8 percent with a 90-day interest prepayment penalty, what would be the amount of your penalty?

a. $200
b. $600

asked
User Hyprstack
by
8.0k points

1 Answer

2 votes
The formula is
I=prt
I amount of penalty ?
P loan 30000
R interest rate 0.08
T time 90/360
I=30,000×0.08×(90÷360)
I=600

Hope it helps!
answered
User Raghvendra Singh
by
7.6k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!