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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?

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?
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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?

User Slawa
by
8.9k points

1 Answer

3 votes
Total payments
450.23×12×30=162,082.8
Interest paid
162,082.8−52,000=110,082.8
User Greg Charles
by
8.1k points
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