Use the add-on method of calculating interest to find the total interest and the monthly payment....
Use the add-on method of calculating interest to find the total interest and the monthly payment.
|
Amount of Loan |
Length of Loan |
Interest Rate |
|---|---|---|
|
$4400 |
2 years |
4.6% |
The total interest is $ :
Homework Answers
Given,
P = principle amount = $4400
R = intrest rate = 46 % =0.46
T = time period = 2 years
Total interest = P * R * T
. = 4400 * 2 * 0.46
. = 4048
The total interest is $ 4048
Total interest is also known as simple intrest.
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