Mai borrowed $12,000 at 5% interest for 6 years. What was the total interest Mai paid? $
so can u help me plz
k
it is not nearly that simple are you given any formulas to compute this with?
3600
yeah there's a lil more to it than that
actually there is a ton more to it
no not really because all you need is the total amount of interest he paid not the total amount
actually doing what mehek said will get you the answer to your question
like hell
prove me wrong cuz you can't
you need to know your monthly payments then you need to calculate the total amount of money paid then you can figure out what the total interest is
CRAP Sorry focusing on multiple things right now.
but the problem is yo don't know when he pays his bill
$12,000 at 5% interest for 6 years Here is the loan payment formula: http://www.1728.org/loanform.htm Monthly payment = rate + [rate]/([1+rate]^months]-1) * principal rate = 5/1200 = 0.004166667 Monthly payment = 0.004166667 + [0.004166667]/[(1.004166667)^72)-1] * principal Monthly payment = 0.004166667 + [0.004166667 / (1.3490177764 -1)] * 12,000 Monthly payment = 0.004166667 + [0.004166667 / .3490177764] * 12,000 Monthly payment = (0.004166667 + 0.0119382658) * 12,000 Monthly payment = 0.0161049328 * 12,000 Monthly payment = 193.2591941643 Monthly payment = 193.26 Total Payments = 193.26 * 72 months = $13,914.72 Total Interest Paid = $13,914.72 minus $12,000 $1,914.72 As satellite73 said, it is NOT that simple. (Here is a link to a calculator that will compute the monthly payment for you.) http://www.1728.org/calcloan.htm
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