Question

A baseball training clinic takes out a loan to build a new reception area. The loan is for $28,500 at 4.25% for five years. How much interest will the clinic pay on the loan?

Answer 1

$3073.80

Explanation:

A suitable calculator can tell you the loan payment will be $526.23 monthly. The same calculator can also tell you the total of 60 payments exceeds the loan amount by $3073.80.