SOLUTION: If I borrow $10,000 at the interest rate of 3.99% for 5 years compounded monthly How much will it cost in interest to pay the loan off in 5 years. P=r*t 10,000*3.99/12 I=0.3

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Question 227785: If I borrow $10,000 at the interest rate of 3.99% for 5 years compounded monthly How much will it cost in interest to pay the loan off in 5 years.

P=r*t
10,000*3.99/12
I=0.3325/12
A=10,000(1+.00277)^60

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=10000(1.003325)^60
A=10000*1.22)
A=12203.88
12203.88-10000=$2203.88