how to solve total interest paid on a loan?

Question

anonymous · Answer

i mean equation for this?

lena772 · Answer

One second

anonymous · Answer

I know monthly payment on a loan, percent of annual intrest reate. also year

lena772 · Answer

$$A=P(1+\frac{ r }{ n })^{nt}$$

lena772 · Answer

P = principal amount (the initial amount you borrow or deposit)

r  = annual rate of interest (as a decimal)

t  = number of years the amount is deposited or borrowed for.

A = amount of money accumulated after n years, including interest.

n  =  number of times the interest is compounded per year

lena772 · Answer

you don't know the initial amount borrowed?

anonymous · Answer

loan amount is 10000

anonymous · Answer

SO thats equation for total intrest paid on loan

lena772 · Answer

iF YOU want just the interest amount that is paid you would subtract the original loan amount from what you get when you complete the equation.

lena772 · Answer

the formula will result in the interest amount along with the original amount borrowed. Understand?

anonymous · Answer

Thanks!