Question #210308
katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750, calculate the interest charged.
Expert's answer
Given
Loan amount = $12000
Loan repayment = $18750
Step 2
Interest charged = Total loan repayment - loan taken
Interest charged = $18750 -$12000
Interest charged = $ 6750
