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Addy takes out a $14,000 personal loan to make home repairs. Her interest rate is 7.6% on a 4-year loan. Her monthly payments are $339.16. What is the total payback amount and how much of that is interest?

User Paramjit Singh Rana
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1 Answer

16 votes
16 votes

Given:

Addy takes out a $14,000 personal loan to make home repairs.

Her interest rate is 7.6% on a 4-year loan.

Her monthly payments are $339.16

The total months = 4 * 12 = 48 months

The total payback amount = 48 * 339.16 = $16,279.68

The amount of the interest = 16,279.68 - 14,000 = 2,279.68

So, the answer will be:

Total payback = $16,279.68

The interest = $2,279.68

User Ulaga
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