Question

Help my on these two questions plss

Answer 1

7. Loan amount = $12000

Monthly payment = $380

Duration of the repayment = 3 years = 3(12) = 36 months.

Total amount Jason repaid = 36 × 380 = 13680

Interest on loan amount = amount repaid - loan amount

= 13680 - 12000

= 1680

Hence, total amount Jason paid in interest on loan = $1680 and the correct option is (D).

8. Loan amount = $35000

Monthly payment = $315

Duration of the repayment = 10 years = 10(12) = 120 months.

Total amount Gerald repaid = 120 × 315 = 37800

Interest on loan amount = amount repaid - loan amount

= 37800 - 35000

= 2800

Hence, total amount Gerald paid in interest on loan = $2800 and the correct option is (B).