If Eric agreed to make monthly payments of 175.00 for 36 months, the total amount of money he will pay the bank is 6,300.
<h3>How much will Eric pay the bank?</h3>
Given that;
- Amount of money borrowed = 5000
- Monthly payment = 175.00
- Number of month = 36
- Total amount of money paid to the bank = ?
To determine the total amount of money that Eric will pay the back, we simply multiply his monthly payment and the number of months.
175.00 × 36
= 6,300
Hence, if Eric agreed to make monthly payments of 175.00 for 36 months, the total amount of money he will pay the bank is 6,300.
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