How much interest will be paid in the 7th month if you borrow $20,000 at a rate...

90.2K

Verified Solution

Question

Finance

How much interest will be paid in the7^th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?
$89.04
$92.97
$237.30
$329.81

Answer & Explanation Solved by verified expert

4.0 Ratings (512 Votes)

Monthly Loan Payment Loan Amount P 20000 Monthly Interest Rate n 050 per month 6 12 Months Number of months n 72 Months 6 Years x 12 months Monthly See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

How much interest will be paid in the 7th month if you borrow $20,000 at a rate...

90.2K

Verified Solution

Question

Finance

How much interest will be paid in the7^th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?
$89.04
$92.97
$237.30
$329.81

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

How much interest will be paid in the 7th month if you borrow $20,000 at a rate...

90.2K

Verified Solution

Question

Finance

How much interest will be paid in the7th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?$89.04$92.97$237.30$329.81

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

How much interest will be paid in the7^th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?
$89.04
$92.97
$237.30
$329.81