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3 years ago

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John took out a loan for 18,550. To pay it back he will make 60 monthly payments of 389. How much will he pay in interest?

1 answer:

Debora [2.8K]3 years ago

3 0

Answer:

He paid an of 4790

Step-by-step explanation:

If John took a loan of 18550

Then in 60 months, we will pay back 389 multiply by 60

389 × 60 = 23340

Therefore he paid an interest of 23340 minus 18550, that is

23340 - 18550 = 4790

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