Question

Asaph took out a loan for $17,550. To pay it back, he will make 60 monthly payments of $437.

Answer 1

Total payments 437×60=26,220
Interest paid
26,220−17,550=8,670

Answer 2

Answer:

The amount Asaph pay in interest= $ 8670

Step-by-step explanation:

The amount of interest one pay in interest is equal to the total amount he has paid minus the amount of loan he took.

Since, the interest is the extra amount  charged by a person or by an organisation from someone who takes a loan.

It is given that:

Asaph took out a loan for $17,550.

To pay it back, he will make 60 monthly payments of $437.

Total amount he pays= $ (437×60)=$ 26220.

Hence, the amount Asaph pay in interest= $ 26220-$ 17550

                                                                    = $ 8670