Austin qualified for a $30,000 loan with 7.49% interest in order to buy a new ski boat. The term of his loan is 10 years and his
monthly payments are $355.95. Find the amount of INTEREST Austin will pay. Group of answer choices
1 answer:
Answer:
$12,714
Step-by-step explanation:
Loan Amount=$30,000
Monthly Payment =$355.95.
Number of Payment Period = 10 Years X 12 Months =120 Months
Total Payment to be made by Austin =120 X 355.95=$42,714
Therefore:
The interest Austin will pay=Total Payment-Loan Amount
=$42,714-30,000
=$12,714
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