Respuesta :
The annual interest rate on the loan/mortgage is 9%.
Annual percentage charge (APR) refers to the yearly activity generated by a sum it truly is charged to debtors or paid to investors.
APR is expressed as a percentage that represents the proper every year cost of funds over the time period of a loan or income earned on an investment.
How do you calculate annual interest on a loan?
Great question, the method mortgage calculators use is I = P * r *T in layman's phrases Interest equals the important amount elevated with the aid of your activity rate instances the amount in years. Where: P is the most important amount, $3000.00. r is the hobby rate, 4.99% per year, or in decimal form, 4.99/100=0.0499
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