A bank accepts your application for a loan of $20,000 to cover your tuition expenses. If the interest rate applied to the loan is 2.5% and the loan is granted for a period of 10 years, (a) how much will you have paid back the bank at the end of 10 years? (b) how much of this amount will go toward the principal and how much toward interest?

Answer rating: 100% (QA)

Sure I can help you with that a Total amount paid back We can use the loan payment formula to calcul... View the full answer