Question

Maura bought a car for $13,500. She made a down payment of
$4,000 and financed the rest. If she made 48 payments of $230
each, how much interest did she pay?

Answer 1

Total amount financed = $13,500 - $4,000 = $9,500
Total amount paid over 48 payments = $230 x 48 = $11,040
Total interest paid = $11,040 - $9,500 = $1,540

Maura paid a total of $1,540 in interest over the course of her loan.