# Find the amount paid for the loan. $2400 at 10.5% for 5 years

3 answers

## Answers

Loan amount=$2400.

has an interest rate of 10.5%.

That's PER year for FIVE years.

First, you need to get how much 10.5% of 2400$ is... which comes out to be 252.

$732 is the answer. (PER year).

Step-by-step explanation:

$2400x10.5=252/year=2652x5=$13260

I think you mean the total mount paid for the loan.

There is a formula for that. (See attached).

principal = 2,400

n = number of payments = 5 * 12 months = 60

rate = 10.5 / 1,200 = .00875

Loan Cost Total = (r*p*n) / (1 - (1 +r)^-n)

Loan Cost Total = .00875 * 2,400 * 60 / (1 -(1.00875^-60)

Loan Cost Total = 1,260 / (1 - 0.5929077624 )

Loan Cost Total = 1,260 / 0.4070922376

Loan Cost Total = 3,095.12

[tex]Find the amount paid for the loan. $2400 at 10.5% for 5 years[/tex]

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