Respuesta :
Answer:
The answer to this question can be defined as follows:
net paid interest = $ 655. 04
Total cost = $ 4955.04
Step-by-step explanation:
Given values:
loan amount = $ 4,300
monthly payment = $ 206.46
interest rate = 14 %
Time = 2 years
Solution:
yearly payment = one month amount × 12
1 year payment = $ 206.46 × 12
1 year payment = $2477.52
because Time is 2 year then payment is = $2477.52 *2
2 year payment = $ 4955.04
net interest paid = total payment - loan amount
= $ 4955.04 - $4300
= $ 655.04
total cost = $ 4955.04
net paid interest = $ 655.04
The total cost of repayment and the interest should be $4,955.04 and $655.04.
Calculation of the total cost and interest:
Since
loan amount = $ 4,300
monthly payment = $ 206.46
interest rate = 14 %
Time = 2 years
Now
yearly payment = one month amount × 12
So,
= $ 206.46 × 12
= $2477.52
Now the two year payment should be
= $2477.52 *2
= $ 4955.04
Now
net interest paid = total payment - loan amount
= $ 4955.04 - $4300
= $ 655.04
hence, The total cost of repayment and the interest should be $4,955.04 and $655.04.
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