- Thread starter Denis
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36*(37+562)/2-8000 =2762Borrowed is $8000, over 36 months.

1st payment is $37.

Payments increase by $15 each month (so 36th payment = $562).

How much interest has been paid?

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36*(37+562)-8000 = 13564 ..... korner...korner...36*(37+562)-8000 =2762

- Joined
- Jun 18, 2007

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Okay I'll give company for 2 minutes......36*(37+562)-8000 = 13564 ..... korner...korner...

it's $2782C'mon ... c'mon ... no takers?

Subhotosh's 2762 is not correct...

\(\displaystyle 15 \dfrac{36\cdot 35}{2}+36\cdot 37=10782 - 8000 = 2782\)

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Yepper!it's $2782

\(\displaystyle 15 \dfrac{36\cdot 35}{2}+36\cdot 37=10782 - 8000 = 2782\)

SUM(arithmetic series) - amount borrowed

Rate turns out to be 1.284% monthly (or 15.408 APR cpd. monthly).

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