Question

Tonia borrowed $4,500.00. She paid $139.15 each month for 6 years.How much did she pay in total? Round your final answer to the nearest cent, if needed.How much interest did she pay? Round your final answer to the nearest cent, ifneeded

Answer 1

Step-by-step explanation

Given:

Principal (Initial amount) = $4, 500

Time = 6 years

If she paid $139.15 in each month, and there are 12 months in a year, this implies that she paid 139.15 x 12 = $1669.8 in 1 year

Amount paid in 6 years = $1669.8 x 6 = $10018.8

Hence, the total amount paid = $10018.8

To find the interest,

Amount = Principal + interest

From the above,

Interest = Amount - Principal

= $10018.80 - $4500

= $5518.8