Jose borrowed 3,500 dollars from the bank. He paid the bank 95.00 dollars a month for 40 months.?

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How much interest did he pay?Thank you

2007-06-15 19:24:44 · 4 answers · asked by Kristine 1 in Education & Reference ➔ Homework Help

95 dollars times 40 months... 95x40=3800

3800-3500=300

2007-06-15 19:34:38 · answer #1 · answered by Pancha Pistolas 3 · 0⤊ 0⤋

He paid $300 in interest: 95 x 40 =3800

So therefore: 3800 -3500 = 300

2007-06-16 03:10:06 · answer #2 · answered by jan51601 7 · 0⤊ 0⤋

9500*40

2007-06-21 07:06:12 · answer #3 · answered by lley 1 · 0⤊ 0⤋

He paid $300 worth of interest, which is 11.67% interest on the loan.

2007-06-16 02:33:32 · answer #4 · answered by Lamon1078 1 · 0⤊ 0⤋