Answer:
Interest amount = 239400
Step-by-step explanation:
Below is the calculation of interest amount:
Given the loan amount or present value = 630000
Time period = 48 months or 4 years
Interest rate give = 9.5%
Total amount = P ( 1 + rt)
P = 630000
r = 9.5%
t = 4 years
Total amount = 630000 ( 1 + 9.5% x 4)
Total amount = 869,400
Interest amount = 869400 - 630000
Interest amount = 239400
