how much money will a borrower using loan 2 pay in interest over the life of the loan? loan 1 loan 2…

how much money will a borrower using loan 2 pay in interest over the life of the loan? loan 1 loan 2 principal $5100.00 $5100.00 monthly payment $152.00 $120.00 duration 36 months 48 months

how much money will a borrower using loan 2 pay in interest over the life of the loan? loan 1 loan 2 principal $5100.00 $5100.00 monthly payment $152.00 $120.00 duration 36 months 48 months

Answer

Explanation:

Step1: Calculate total payments

Multiply monthly - payment by number of months. For Loan 2, the monthly payment is $120 and the duration is 48 months. So the total payments are $120\times48$. $120\times48 = 5760$

Step2: Calculate total interest

Subtract the principal from the total payments. The principal of Loan 2 is $5100$. $5760 - 5100=660$

Answer:

$660$