Question

Travis took out a six-year loan with a principal of $15,000. He made monthly payments of $225 for the entire period, at which point the loan was paid off. How much did Travis pay in interest?
a.
$1,200
b.
$1,350
c.
$800
d.
$0

Answer 1

In a year there are 12 months
in 6 years there are 72 months
that means he paid a total of 72(225) = $16200
$16200 minus the original $15,000 he took out leaves us with the amount of interest he paid which is $1,200
therefore answer A is correct