If $5,000 is borrowed at a simple interest rate of 4.70% p.a., calculate the interest charged for 7 months.

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asked Jul 4, 2022 50.8k views

1 Answer

Anjana Sharma · Answer 1 · 2022-07-08T04:35:24+0000

Answer:

Using a personal loan APR of 7.63% as an example, here's a simple breakdown of what the personal loan payment calculator can show you for a $5,000 loan and $10,000 loan.

Explanation:

If $5,000 is borrowed at a simple interest rate of 4.70% p.a., calculate the interest charged for 7 months.

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