Ask Question
24 May, 17:37

2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

+3
Answers (1)
  1. 24 May, 18:05
    0
    Total Interest paid is $713.60

    Loan $4,000.00 x60 months x6.75%

    Payments $78.56X60=4,713.60

    Deduct starting balance of $4,000.00 from total payments

    Total $713.60
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “2. A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers