Say you take out a loan with a principal of $44,500. the interest rate is 13.11%, compounded monthly. if you make consistent monthly payments and pay off the loan over the course of six and a half years, how much interest will you have paid in total? round dollar amounts to the nearest cent.
a.
$21,849.92
b.
$3,018.03
c.
$20,003.60
d.
$24,321.18

Answer-

The interest paid is $21,849.92

Solution-

We know that,

Here,

PV = Present Value of annuity = $44500

P = Payment monthly

r = 13.11% annually = 0.1311 annually = monthly

n = 6.5 years = 78 months

Putting the values,

The monthly payment is $850.64

So, the net amount paid is

Therefore, the amount of interest is

for the first question it would be the second answer for the second question it would be the third answer and for the third question it would be the first answer

step-by-step explanation:

start with a line segment pq that we will copy. mark a point r that will be one endpoint of the new line segment. set the compasses' point on the point p of the line segment to be copied. adjust the compasses' width to the point q. the compasses' width is now equal to the length of the line segment pq.

step-by-step explanation: