Question

Faith borrowed $2250 for home repairs. She paid back 24 payments of$132 each. How much did she pay in interest on the loan?a. $87.71b. $2,520c. $918d. $4.38

Answer 1

• We are given that Faith paid $132 for 24 months.

So; 132 * 24 = $3168

• Since we know that Faith initially borrowed $2250

Interest paid = $3168 - $2250

= $918

• Option C is the correct choice.