Question

Helen borrowed $2,500 for home repairs. She paid back 24 payments of
$115 each. How much did she pay in interest on the loan?
a. $108.96
b. $4.79
c. $2,760
d. $260

Answer 1

The total amount paid after 24 payments is $115 x 24 = $2,760.
Since she borrowed $2,500, the interest she paid is $2,760 - $2,500 = $260.
Therefore, the answer is d. $260.