Question

If nancy pays her bank $465.23 a month for 48 months, how much will she have paid on her installment loan?

Answer 1

The solution would be like this for this specific problem:

Given:

Payment/month = $465.23

Months to pay = 48 months

So the computation will go like this:

$465.23 per month * 48 months = $22,331.04

Nancy will have paid $22,331.04 on her installment loan.