Find the amount paid for the loan.
$4800 at 9.9% for 4 years
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To find the amount paid for the loan, you can use the following formula:
Total amount paid = principal + total interest
Where,
Principal = $4800 (the amount of the loan)
Total interest = (principal x rate x time) = (4800 x 9.9% x 4) = $1881.60
So, the total amount paid for the loan is:
Total amount paid = $4800 + $1881.60 = $6681.60
Therefore, the amount paid for the loan is $6681.60.
To find the amount paid for a loan, you need to calculate the total repayment which includes both the principal amount and the interest. Let's break down the steps to find the amount paid for this loan:
Step 1: Calculate the interest
Interest = Principal Amount x Interest Rate x Time
In this case, the principal amount is $4800, the interest rate is 9.9% (which we need to convert to decimal form by dividing by 100), and the time is 4 years.
Interest = $4800 x (9.9/100) x 4
Step 2: Calculate the principal amount
The principal amount is simply the initial loan amount, which in this case is $4800.
Step 3: Calculate the total repayment
Total Repayment = Principal Amount + Interest
Now, let's calculate the values:
Interest = $4800 x (9.9/100) x 4
= $1886.40
Total Repayment = Principal Amount + Interest
= $4800 + $1886.40
= $6686.40
Therefore, the amount paid for the loan is $6686.40.