Bastian takes out a $3,500 personal loan with 5.6% fixed annual interest compounded monthly to pay for a welding certification program. He repays the loan in one year. How much total interest does Bastian pay on his loan? O $408.36 O $107.08 O $300.59 O $1,400.32

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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Bastian takes out a $3,500 personal loan with 5.6% fixed annual interest compounded monthly to pay for a welding certification program. He repays the loan in one year.
How much total interest does Bastian pay on his loan?
$408.36
$107.08
$300.59
$1,400.32
Transcribed Image Text:Bastian takes out a $3,500 personal loan with 5.6% fixed annual interest compounded monthly to pay for a welding certification program. He repays the loan in one year. How much total interest does Bastian pay on his loan? $408.36 $107.08 $300.59 $1,400.32
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