Answer:
The total amount paid back is $176,219.4.
The amount paid back is $26,219.4 more than the amount loaned
Explanation:
With the condition that financial institutions are paid back more money than they lend.
Suppose the amount borrowed is $150,000.
The amount agreed to be paid back is $5873.98 for 30 days.
We want to know how much is paid altogether.
We simply multiply $5873.98 by 30 to see how much is accumulated.
[tex]5873.98\times30=176219.4[/tex]The total amount paid back is $176,219.4.
To obtain the amount paid back more than the loan, subtract the amount loaned from the amount paid back.
[tex]176219.4-150000=26219.4[/tex]The amount is $26,219.4
