Pregunta
at a 48 month loan of
to make some home improvements. At a simple interest rate of
, how much total will she pay?
Ask by Ross Reyes. in the United States
Jan 24,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
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She will pay a total of $6,215 over the 48-month loan period.
Solución

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Como
Beyond the Answer
To calculate the total amount to be paid on a simple interest loan, you can use the formula: Total Amount = Principal + Interest. First, calculate the interest: Interest = Principal × Rate × Time. Here, the principal is
, the rate is
, and the time is
years (or
months).
Interest =
.
Now, plug the interest back into the total amount: Total Amount =
.
So, she will pay a total of
.
This summary provides the calculation process in a clear way, without delving into advanced finance concepts, making it easily understandable. If you want a more detailed explanation of each formula used, just let me know.

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