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If i pay $262.25 per month for 3 years, what is the total amount of the loan

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Answer:

The total amount of a loan is the sum of all payments made over the loan's term. In this case, you're making monthly payments for a term of 3 years.

First, you need to calculate the total number of payments over the term of the loan, which is 12 months/year * 3 years = 36 months.

Then, you multiply the number of payments by the amount of each payment to find the total amount of the loan. In this case, it's 36 months * $262.25/month = $9,441.

So, if you're paying $262.25 per month for 3 years, the total amount of the loan is $9,441.

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