If Collin needs to borrow $1,500.00 for car repairs. How much interest will he pay if the rate is 4.9% and he has 125 days to repay the loan?
Collin will pay $25.17 in interest. An interest rate is an annual amount so you take that and multiply it by $1,500 and then divide it by 365 for the daily amount and then multiply that number by 125 to find out the interest for 125 days. ChaCha!
Answered by Caitlin K. -
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