Question

A student who recently graduated from CSM started paying back her student loan. She originally borrowed $6000 and her monthly payment for the next 3 years will be $179.83. Find the total interest she will pay over the life of the loan.

Answer 1

If her monthly payment was $179.83 per month, then in a year she will pay $179.83 x 12 =$2157.96

In 3 years she will pay 2157.96 x 3 = $6473.88

The total interest she will pay over the life of the loan will be = $6473.88 - $6000 = $473.88