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Erin borrowed $18,000 to buy a car. her loan will be paid off in 5 years. by the time that she pays off the loan, she will have made $20,327 in payments. why did she have to pay $2,327 more than the price of the car?

User Misty
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2 Answers

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Answer: The correct answer is that she paid interest on the money that she borrowed.

Explanation: When a customer borrows money to purchase an item there is normally a cost involved. The extra money that she paid is the interest, which is the cost of the bank loaning her money. This money is the bank’s income on loaning her the money.

The bank may use it for paying interest to customers who have money deposited in the bank, for their expenses or for profits for their shareholders.

User Qiqi Abaziz
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She had to pay interest of $2,327 for the privilege of borrowing the principal of $18,000
User Thanakron Tandavas
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