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

step-by-step explanation:

do your own work and don"t cheat.

step-by-step explanation: