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08-02-2020
Business

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A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month?

Respuesta :

Aaqib10 Aaqib10

08-02-2020

Answer:

0.56%

Explanation:

the annual interest rate is 6.75%, so divide it by 12 to find the monthly interest rate

6.75% / 12 = 0.56%

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