The amount paid for loan is $ 6700.8
Solution:
Given that,
Principal = $ 4800
rate of interest = 9.9 %
number of years = 4 years
Use the simple interest formula
Find the interest:
[tex]Interest = \frac{p \times n \times r}{100}[/tex]
Where, p is the principal and n is number of years and r is rate of interest
[tex]Interest = \frac{4800 \times 9.9 \times 4}{100}\\\\Interest = 48 \times 9.9 \times 4\\\\Interest = 1900.8[/tex]
Find the amount:
Amount = principal + interest
Amount = 4800 + 1900.8 = 6700.8
Thus the amount paid for loan is $ 6700.8
