Arnold borrowed $7890 at 11.5 percent for five years. how much did arnold pay in interest? a.$2,199 b.$2,300 c.$1,150 d.$2.520

Option D. $2520 is correct

Step-by-step explanation:

Principal value = $7890

Rate of interest = 11.5 annually

Time = 5 years

⇒ n = 60 months

Total payment made by Arnold = No. of months × Monthly Payment

⇒ Total Payment = 60 × 173.50

⇒ Total Payment = $10410

Money borrowed = $7890

Hence, Amount of interest = Total payment - Amount borrowed

⇒ Interest = 10410 - 7890

⇒ Interest = $2520

Therefore, Option D. $2520 is correct

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step-by-step explanation: