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10 September, 15:50

Freddie owes $12,500 for a loan to be repaid in 5.5 years. If the interest rate is 4.375%, then how much will he pay altogether to the nearest cent?

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  1. 10 September, 18:34
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    To find the how much he will pay, we do:

    12,500*4.375=546.875

    546.875*5.5=3007.81

    3007.81+12500=15507.81

    So he has to pay $15,507.81 in 5.5 years
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