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18 May, 04:03

Shelly Sanders gets a loan for $3,000 and repays the loan in 12 monthly payments of $258 per month. Under the APR formula, what is the amount of interest included in her first payment?

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  1. 18 May, 04:30
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    Answer: $8

    Explanation:

    Total loan is $3,000

    Monthly instalments of $258

    Tenor of 12 months

    Total interest paid on loan = $258 x 12 = $3,096

    Interest = $3,096 - $3,000 = $96

    Apr = $96/$3000 = 0.032

    = 0.032 x 100

    = 3.2% annual rate

    = 3000 x 3.2%

    = 96/12 = $8
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