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How much interest is paid on a 52,000 loan if the monthly payments are 450.23 for 30 years?h of these equations shows how installment loans are calculated??

Respuesta :

metchelle
To find out the rate of the interest of the loan we will divide the amount paid by the amount of money borrowed and multiply the quotient with 100. Say,
450.23 ÷ 52, 000 = 0.008658 
0.008658  × 100 is 0.87%
Therefore, the rate of interest is 0.87% per month.
If this loan is paid monthly within 30 years. The loaner would pay 162, 082.8 in 360 months or 30 years.

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