Myrtle took out a 3-year loan for 2050$ at a computer retailer to be paid back with monthly payments at 12% apr compounded monthly. if the loan offers no payments for the first 5 months about how much in total will myrtle pay in interest for the loan?

466.27$ APEX

Step-by-step explanation:

We have ; p = 2050

r =

n =

But we will take

EMI formula is :

Substituting values in the formula we get;

=

= $77.24

Now for further working you can see the sheet attached.

Total interest paid for the loan = $446.76

it is true

step-by-step explanation:

all the combinations add up i used   calculator