Ask Question
17 July, 00:43

A straight note for $13,400 was executed at 8% annual interest. If the borrower actually paid $3,752 in interest, how many months did he take to pay it off?

+3
Answers (1)
  1. 17 July, 02:52
    0
    He took 42 months to pay said amount.

    Explanation:

    To calculate how many months did it take to pay off interest amount to $3,752, we first have to calculate the per month interest payment. Calculation given below.

    Per month Interest = (13,400 * 8%) / 12 = $ 89.33

    Months it took to pay $ 3,752 = $ 3,752 / $ 89.33 = 42 months
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A straight note for $13,400 was executed at 8% annual interest. If the borrower actually paid $3,752 in interest, how many months did he ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers