George had to borrow ​$48,000 for a new car for 8 months. The interest rate was 14​% per year. How much interest did he have to pay for borrowing the money for 8 ​months?

Guest May 1, 2017

Well, looks like George bought a very expensive car!!.

First, you have to calculate the monthly payment, which comes to:

 =$6,319.26 George's monthly payment !!!.

$6,319.26 x 8 =$50,554.08 total of principal + interest.

$50,554.08 - $48,000 =$2,554.08 total interest that George has to pay.

P.S. I took your interest rate of 14% as being compounded monthly.

Guest May 1, 2017

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