Asked Feb 6, 2019

How much interest is paid over the life of the following loan? Amount borrowed: $14,500. Monthly payment: 281.68, for a term of 5 years.

check_circleExpert Solution
Step 1

Given that the loan amount = $14500

Tenure of the loan = 5 years

monthly payment = 281.68

Step 2

Number of months in a year = 12

Total amount paid in installments per year = 12 *281.68 = ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour*

See Solution
*Response times may vary by subject and question
Tagged in



Applications of Mathematics

Related Algebra Q&A

Find answers to questions asked by student like you

Show more Q&A add

Q: Ay The functions f(x)= 0.0875x-1.3x+61.7 and gox) = 0,0875x + 1.9x+11.1 model a car's stopping dista...

A: In order to find the stopping distance that exceed the length of one and one-half football fields, o...


Q: Divide   −4x2−2x+14    by   2x+3 Write your answer in the form:   −4x2−2x+14=(2x+3)×q(x)+r(x)    −4x...

A: Click to see the answer


Q: For f(x) x-4 and g(x) 2x-5, find the following functions. a. (fo g)(x), b. (g o (x), c. (f o g)(2). ...

A: Refer to the question, for the provided functions f(x) = x-4 and g(x) = 2x2 -5, we have to find the ...


Q: In the following exercise, find the coordinates of the vertex for the parabola defined by the given ...

A: We are given equation of parabola as 


Q: A particular fruit’s weights are normally distributed, with a mean of 598 grams and a standard devia...

A: Let us define X=Random variable of the fruit's weight with mean=598 grams, standard deviation= 6 gra...


Q: Collect like terms and then arrange them in descending order.-x+5/8+30x^3-x-1/2-3x^3

A: Here the given expression is


Q: The mass of a radioactive substance follows a continuous exponential decay model, with a decay rate ...

A: We are given decaying rate r=7%r=0.07


Q: Evaluate the piecewise function at the given values of the independent variable. 2x+5 if x <0 f(x) 3...

A: Since -3 is less than 0, so we have to use the first part of the function where f(x)= 2x+5 if x&lt;0...


Q: Suppose that there are two types of tickets to a show: advance and same-day. The combined cost of on...

A: Let a   be the cost of advance ticket and s be the cost of of same day.It is given that combined cos...