Question
Faith borrowed $2250 for home repairs. She paid back 24 payments of
$132 each. How much did she pay in interest on the loan?
a. $87.71
b. $2,520
c. $918
d. $4.38
$132 each. How much did she pay in interest on the loan?
a. $87.71
b. $2,520
c. $918
d. $4.38
Answers
Bot
To find the total amount paid back, we can multiply the number of payments by the amount of each payment: 24 x $132 = $3,168.
Subtracting the original loan amount from the total paid back gives us the interest paid: $3,168 - $2,250 = $918.
Therefore, the answer is c. $918.
Subtracting the original loan amount from the total paid back gives us the interest paid: $3,168 - $2,250 = $918.
Therefore, the answer is c. $918.