how much money will a borrower using loan 1 pay in interest over the life of the loan? loan 1 loan 2…
how much money will a borrower using loan 1 pay in interest over the life of the loan? loan 1 loan 2 principal $4000.00 $4000.00 monthly payment $175.00 $120.00 duration 24 months 36 months
Answer
Explanation:
Step1: Calculate total payments
Multiply monthly - payment by duration. $175\times24 = 4200$
Step2: Calculate interest
Subtract principal from total payments. $4200 - 4000=200$
Answer:
$200$