How much interest is paid on a $52,000 loan if the monthly payments are $450.23 for 30 years? can u also help me understand how to solve for this?

asked Apr 19, 2018 188k views

3 votes

How much interest is paid on a $52,000 loan if the monthly payments are $450.23 for 30 years?

can u also help me understand how to solve for this?

by Slawa

8.9k points

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3 votes

Total payments
450.23×12×30=162,082.8
Interest paid
162,082.8−52,000=110,082.8

Greg Charles answered Apr 23, 2018

8.4k points

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