The total amount he will pay back over the next 12 years is calculated by multiplying the monthly payment amount by the number of months: $334.00 x 144 months = $48,096.00.
He will pay back $48,096.00 over the next 12 years.
To find out how much more he will pay back than the original loan amount, we subtract the original loan amount from the total amount he will pay back: $48,096.00 - $40,000.00 = $8,096.00.
He will pay back $8,096.00 more than the original loan amount.
Michael is paying back a student loan. He started making payments one year after graduation from college. He originally borrowed $ 40 comma 000. He is making monthly payments of $ 334.00 each month for the next 144 months (12 years). How much will he pay back over the next 12 years? How much more will he pay back than the original loan amount?
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