Question

Mr. Quesada took out a loan for $12,000. To pay it back, he will make 24 monthly payments of $629. How much will he pay in interest?​

Answer 1

$3,096

Explanation:

To find the total interest Mr. Quesada will pay, we need to first calculate the total amount he will pay back, and then subtract the original amount borrowed.

The total amount Mr. Quesada will pay back over 24 months is:

$629 x 24 = $15,096

Subtracting the original loan amount, we get:

$15,096 - $12,000 = $3,096

So Mr. Quesada will pay a total of $3,096 in interest over the course of the loan.