Ann took out a loan at the Bank of Florida with a principle amount of $12,000, at an interest rate of 5.65% for 4 years. What is the amount of her interest?

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16-10-2018
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Ann took out a loan at the Bank of Florida with a principle amount of $12,000, at an interest rate of 5.65% for 4 years. What is the amount of her interest?

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marcopolo1231 marcopolo1231 · Answer 1 · 2018-10-23T17:14:27+02:00

Wow! Ann's loan for 12,000$ with an annual interest rate of 5.65% for one year is 2,124. Multiply the 2,124$ annual interest rate time 4 years and the total annual interest rate would be 8,496$!

Add that to the cost of the loan

12,000 + 8496 = $20,496.00 US dollars is the total cost of the loan if no late payments are made that would accrue an additional monetary fine or penalty that would be added to the totality of the loan anually and increase the entire amount substantially.