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How much interest will you pay on a loan of ​$11 comma 00011,000 if you are...

How much interest will you pay on a loan of

​$11 comma 00011,000

if you are paying the loan off in

66

months and your loan rate is

44

​percent? (Round to the nearest​ dollar.)

A.

​$220220

B.

​$165165

C.

​$540540

D.

​$110

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Answer #1

AS LOAN IS REPAID IN 6 MONTHS AND RATE = 4%

INTEREST FOR 6 MONTHS = PRN/100 = (11000 X 4 X (6/12))/100 = 220

ANSWER :A : $220 (THUMBS UP PLEASE)

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