Question: A demand loan for $8055.32 with interest at 4.6% compounded annually is repaid after 3 years, 10 months. What is the amount of interest paid?

A demand loan for $8055.32 with interest at 4.6% compounded annually

A demand loan for $8055.32 with interest at 4.6% compounded annually is repaid after 3 years, 10 months. What is the amount of interest paid?

A demand loan for $8055.32 with interest at 4.6% compounded annually is repaid after 3 years, 10 months. What is the amount of interest paid? The amount of interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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