just1theresabra
just1theresabra just1theresabra
  • 12-12-2017
  • Mathematics
contestada

A loan for $5,000 at 5% for 3.5 years

Respuesta :

cupcake365 cupcake365
  • 12-12-2017
I know 5% of 5,000 is 250
Answer Link
andriansp andriansp
  • 13-12-2017
The 5% represented in loan represent the amount of interest you have to pay per year. Eventhough in this question the duration do not reach 4 years, you still need to pay the interest amount for the 6 months after the 3 years.
In this case, the total interest that you must pay back would be


$ 5,000 x 5/100 x 3.5


= 250 x 3.5

= $875
Answer Link

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