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Suppose you borrowed $14,000 at a rate of 10.0 nd must repay it in 5 equal installments at the end of each of the next 5 years. how much interest would you have to pay in the first year?

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khuranashilpa76

Interest is defined as the amount of money paid for the use of someone else's money. An example of interest is the $20 that was earned this year on your savings account. An example of interest is the $2000 you paid in interest this year on your home loan.

I=PRT

I=interest

P=principal=amount  you invested

The rate in decimal, don't forget to convert percent to decimal

T=time in YEARS (don't forget, 12 months per year)

5000 total

5000-4200=800

I=800

800=4200*r*4

800=16800*r

divide both sides by 16800

0.04761=r

4.761%=rate needed

6>4.7

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