The interest is the amount of payment that is given by the borrower to the lender of money, it is the excess amount that is paid for the use of money.
The total interest amount that Tamora will have paid in 10 years would be $6.496.76
Interest is the monetary charge for acquiring money, and it is mostly shown as a percentage, such as an annual percentage rate (APR).
Interest is the excess amount that is paid by the lender to use his money on a certain percentage, and it is repaid with the amount of principal.
Computation of the total amount of interest:
Here, we apply the amount formula of compound interest, we get
[tex]A=\text{P}(1+\frac{r}{n} )^n\text{t}-\text{P}[/tex]
Here,
A= Accumulated Interest
P=Principal = $9,100
r=Interest rate
5.4%=0.054,
n=Number of compounding periods in a year = 12
t= Number of years = 10 years
Now, apply the values in the given formula, we get
[tex]\text{A}=\$9,100{(1+\frac{0.054}{12} )^1^2^\times^1^0}-\$9,100\\\\\\\text{A}=\$9,100{(1.0045)^1^2^0}-\$9,100\\\\\\\text{A}=\$6,496.75[/tex]
Therefore, The total interest amount that Tamora will have paid in 10 years would be $6.496.76.
Learn more about interest, refer to:
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