Question

Asked Feb 6, 2019

How much interest is paid over the life of the following loan? Amount borrowed: $14,500. Monthly payment: 281.68, for a term of 5 years.

Step 1

Given that the loan amount = $14500

Tenure of the loan = 5 years

monthly payment = 281.68

Step 2

Number of months in a year = 12

Total amount paid in installments per year = 12 *281.68 = ...

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