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How much interest is paid in total on a 3-year loan for $28 600 (rounded to the nearest dollar)? The interest rate is 8.7% compounded

How much interest is paid in total on a 3-year loan for $28 600 (rounded to the nearest dollar)? The interest rate is 8.7% compounded monthly and the payments are monthly.

 

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Heres how to calculate the total interest paid on the loan 1 Determine the number of monthly payments Loan term 3 years Months per year 12 Number of m... blur-text-image

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