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John borrows $3000 to purchase new furniture. he will pay back the loan in 12 monthly payments of $333 how much will the loan cost ?

John borrows $3000 to purchase new furniture. he will pay back the loan in 12 monthly payments of $333 how much will the loan cost ?
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John borrows $3000 to

purchase new furniture. he will pay back the loan in 12 monthly payments of $333 how much will the loan cost ?

User Hezy Ziv
by
8.7k points

1 Answer

5 votes
The answer is $3,996

To get this you will need to multiply the monthly payments ($333) by the total number of payments (12)

$333x12= $3996

PS: You also payed $996 in intrest

User Daniel Fone
by
8.0k points
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