Rita borrows $4,500 from the bank at 9 percent annually compounded interest to be repaid in three equal annual installments. the interest paid in the third year is ________. $352.00 $277.95 $405.00 $147.00

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15-01-2018
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Rita borrows $4,500 from the bank at 9 percent annually compounded interest to be repaid in three equal annual installments. the interest paid in the third year is ________. $352.00 $277.95 $405.00 $147.00

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Cathy881 Cathy881 · Answer 1 · 2018-01-28T05:18:28+01:00

Problem: The interest paid in the third year.
Given: The bank loan of Rita is $4500, 9% monthly interest, Third year
Mathematical operation: multiplication
Solution: $4500 x.09 (9% converted percent to decimal)=n
Answer: $405 the interest on the third year.

Since the Rita is expected to pay monthly, if she pays on time she wouldn't worry about the compounded interest because the interest would stay the same. However, if she neglects to pay for even one month, additional interest would be carried out until it is paid.