Question

32 weeks after he borrowed $7500 from the bank, Joaquin wanted to pay off his loan. What does he owe if he was charged an annual rate of 6.1%?

Answer 1

Explanation:

6.1 % interest in decimal is .061

TOTAL interest for a YEAR ( 52 weeks ) would be 7500 * .061

but he only owes 32/52 of this for 32 weeks of a year

32/ 52 * 7500 * .061 = $ 281.54