Question

I take out a loan for $10,000.00 and the interest rate is 6.3% APR. If I pay this loan back at $300.00 per month, how much interest will I be charged on top of this per month for the first 3 months?

Please show the equation used.

Answer 1

100I=PRT 10,000*6.3*3/100=1890 In 3 month she is supposed to pay(300*3)=900 interest paid=1890-900=990