Mastering Interest Calculations
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Questions and Answers

Based on the information provided, what is the total amount of money Mrs. Sanchez borrowed?

  • $110,000
  • $90,000 (correct)
  • $105,000
  • $95,000
  • What is the interest rate Mrs. Sanchez is being charged for the loan?

  • 8%
  • 9%
  • 9.5% (correct)
  • 10%
  • How long will Mrs. Sanchez take to repay the loan?

  • 3 years
  • 4 years
  • 6 years
  • 5 years (correct)
  • According to the information provided, what is the total interest that Mrs. Sanchez will pay over the five years?

    <p>$9,750</p> Signup and view all the answers

    What is the total amount that Mrs. Sanchez will have to repay at the end of the five years?

    <p>$110,000</p> Signup and view all the answers

    How much will Mrs. Sanchez owe after the first year of borrowing?

    <p>$94,500</p> Signup and view all the answers

    According to the information provided, what is the total interest that Mrs. Sanchez will pay on her loan?

    <p>$47,500.00</p> Signup and view all the answers

    How much money will Mrs. Sanchez have to repay in total, including the interest?

    <p>$147,500.00</p> Signup and view all the answers

    What is the monthly payment that Mrs. Sanchez will have to make to repay the loan in five years?

    <p>$1,859.64</p> Signup and view all the answers

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