Question

Amelia borrows $13450 for a round-the-world trip. Her repayments are $128 per week for 3 years. How much interest is she charged on the loan?

Answer 1

First we need to calculate the total payments by multiplying the payment per week times number of weeks in a year times 3 years
Total payments=128×52weeks×3years
=19,968

Subtract the amount borrowed from the total payments to get the interest charged
Interest charged
=19,968−13,450=6,518

Hope it helps!