Question

Please help! A developer borrows $150,000 at 6.5% interest, compounded monthly and agrees to pay off the loan in 5 years. How much interest will she have paid?

Answer 1

help ppl ? not sure how to do it

Answer 2

A = P(1+r/n)^(n*t)

A = 150000(1+0.065/12)^(12*5)

A = 207,422.5986

A = 207,422.60


So after 5 years, $207,422.60 is paid back in total.

The amount in interest paid back is then

207,422.60 - 150,000 = 57,422.6 dollars

Answer 3

thank you so muuchhh! would you like to be my friend:)

Answer 4

you're welcome

Answer 5

glad to be of help

Answer 6

:)