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2 November, 14:51

Sum of $12000 from a financing company for 3 years at 15% per annum. What is the total interest he paid in 3 years

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  1. 2 November, 15:53
    0
    The answer to this question would be
  2. 2 November, 17:03
    0
    So there are many factors to this, but lets assume the basics:

    -He made equal payments every month for 36 months

    assuming that is true, the answer is $2,975.42

    Assuming that is NOT true and he made NO monthly payments at all and at the end paid the entire balance, the interest would be $6,250.50
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