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If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.

If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.
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If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.

User Rvillablanca
by
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1 Answer

6 votes
Hi there
Payment per year
1,000×12months=12,000

total payment over the lifetime of the loan.
12,000×10years=120,000

Hope it helps
User Srikanth Sridhar
by
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