3. If Ted is making monthly payments of $77 on a loan of $4,000 for 5 years;
approximately what percent interest is he paying?
$

Answers

Answer 1
answer: about 1.93%
hope this helps
Answer 2

The percent of interest is he paying is,

⇒ R = 4.62%

What is mean by Percentage?

A number or ratio that can be expressed as a fraction of 100 or a relative value indicating hundredth part of any quantity is called percentage.

To Calculate the percent of a number , divide the number by whole number and multiply by 100.

We have to given that;

Ted is making monthly payments of $77 on a loan of $4,000 for 5 years.

Hence, Yearly payments to pay is,

⇒ 12 × 77

⇒ $924

Hence, We get;

⇒ Interest = PRT/ 100

⇒ 924 = 4000 × R × 5 / 100

⇒ 92400 / 20,000 = R

⇒ R = 4.62%

Thus, The percent of interest is he paying is,

⇒ R = 4.62%

Learn more about the percent visit:

https://brainly.com/question/24877689

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HOPE THIS HELPS TOUCH THANKS PLEASE

Step-by-step explanation:

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Answers

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