Ryad borrowed $1,450 and made 18 payments of $95.25. How much did he

Question

pay in interest?

Answer 1

To find the total amount paid, we can multiply the monthly payment by the number of payments:

18 payments × $95.25 per payment = $1,715.50

This means that Ryad paid a total of $1,715.50 over the course of the loan.

To find the amount of interest paid, we can subtract the original amount borrowed from the total amount paid:

$1,715.50 - $1,450 = $265.50

Therefore, Ryad paid $265.50 in interest over the course of the loan.