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How much interest will be paid in the 7th month if you borrow $20,000 at a rate...

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Finance

How much interest will be paid in the7th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?

  1. $89.04
  2. $92.97
  3. $237.30
  4. $329.81

Answer & Explanation Solved by verified expert
4.0 Ratings (512 Votes)
Monthly Loan Payment Loan Amount P 20000 Monthly Interest Rate n 050 per month 6 12 Months Number of months n 72 Months 6 Years x 12 months Monthly    See Answer
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Transcribed Image Text

How much interest will be paid in the7th month if youborrow $20,000 at a rate of 6%, compounded monthly, and pay it offover 6 years?$89.04$92.97$237.30$329.81

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