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Mr. Thomas wanted to remodel his business, so he got a loan of $43,000 at a rate of 6% He paid the loan off in 8 months. How much did Mr. Thomas pay in interest.

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jepessoa

Answer:

$973.13

Explanation:

Using a loan calculator we can determine the amount of interest that Mr. Thomas paid:

  • principal = $43,000
  • APR = 6%
  • n = 8 months

monthly payment = $5,496.64

total payments (8) = $43,973.13

total interest paid = $973.13

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