13-11-2020
Mathematics

contestada

Assume Katelyn's loan was for $5,000 and that she will make 48 monthly payments of $117.42 to repay the loan. How much total interest will she pay over the life of the loan?

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Izzy1974 Izzy1974

13-11-2020

Answer:

Step-by-step explanation:

48*117.42=5636.16

Principle of the loan is $5000. Payback is $5636.16. She pays $636.16 in interest or 12.7232%. I got that by dividing the 636.16 of interest by 5000.

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