Anne borrowed $600 for 1.5 years. The yearly interest rate was 12%. How much interest did she owe at the end of 1.5 years?

The total loan cost formula is

total cost = (r*p*n) / 1- ((1+r)^-n)

r is rate p is principal and n is number of payments

rate is rate / 1,200 therefore r = .01

number of payments = 1.5 * 12 months per year = 18

total cost = (.01 * 600 * 18) / (1 -(1.01)^-18)

total cost = 108 / 0.1639826858

total cost = 658.6061172693

total cost = 658.61

Interest = 58.61

Source: http://www.1728.org/loanfrm4.htm

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29 mil

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