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 $2500.00 $2500.00 monthly payment $50.00 $80.00 duration 60 months 36 months
Answer
Explanation:
Step1: Calculate total payments
Multiply monthly - payment by duration. $80\times36 = 2880$
Step2: Calculate interest
Subtract principal from total payments. $2880 - 2500=380$
Answer:
$380$