Question

Ricky takes out a $31,800 student loan to pay his expenses while he is in college. After graduation, he will begin making payments of $190.66 per month for the next 30 years to pay off the loan. How much more will Ricky end up paying for the loan than the original value of $31,800?

Ricky will end up paying $_____ more than he borrowed to pay off the loan.

Answer 1

36837.60 seems to be a right answer

Answer 2

$36,837.60

Explanation:

360 monthly payments of $190.66 add up to ...

360 × $190.66 = $68,637.60

This exceeds the original loan amount by ...

$68,637.60 -31,800 = $36,837.60