Question

Vincent borrowed $2,225 from a financial institution to pay for college classes. The repayment terms of the loan are $115.76 each month for 2 years. How much interest will Vincent have paid at the end of his loan term?

Answer 1

$553.24

Explanation:

First of all you'll have to multiply the monthly installment which is $115.76 by the number of months by which it was paid which is 24 months(2 years). If this is done, the money the bank would get at the end of the 2 years would be $2778.24. To get the interest, subtract the loan from the money paid and the answer will be $553.24