+0  
 
0
59
1
avatar

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
Sort: 

1+0 Answers

 #1
avatar
0

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

9 Online Users

avatar
avatar
avatar
avatar
avatar
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.  See details