 |
| ||
| |||
|
| Math Central | Quandaries & Queries |
|
Question from Mary: How much interest do you pay if the charges 0.12% over 3 years loan $4999 |
HI Mary,
If the interest rate is 0.12% PER YEAR then each year you would pay $ \large \frac{0.12}{100}\normalsize \times \$4999 = \$6.00$ in interest.
Make sure the interest rate is really 0.12%. This looks unusual to me.
Penny
| ||
| ||
| ||
 |
 |
|
|
||
 |
||
| * Registered trade mark of Imperial Oil Limited. Used under license. | |
|
Math Central is supported by the University of Regina and the Imperial Oil Foundation.