Given that loan balance is 10000 dollars
Interest rate = 8%.
Monthly payment=EMI .= 244.13 dollars
No of months paid = 48
Hence total amount repaid = 48x244..13 =1171824
Out of this amount repaid principal = 10000 dollars
Hence interest amount = 11718.24.-10000 = 1718.24. dollars
Formula used:. Total amount repaid = Principal +. interest
Total amount repaid = EMI. x monthly instalment.