Marnie borrowed $1,300. She made 24 payments of $65.30 each. How

Question

much did she pay in interest?
a. $65.30
b. $1,567.20
c. $267.20
d. $31.72

Answer 1

The total amount paid over 24 payments is $65.30 x 24 = $1,567.20
To find the amount of interest paid, we need to subtract the original loan amount from the total amount paid: $1,567.20 - $1,300 = $267.20
Therefore, the answer is c. $267.20.