Question

Joni took out a loan for $21,912. To pay it back, she will make 42 monthly paymentsof $931. How much will he pay in interest? Round answer to a whole number.

Answer 1

Given:

Loan of $21,912

42 monthly payments of $931.

Find amount of interest.

First, find the total amount that Joni will pay.

`42*\$931=\$39,102`

Next, subtract the result by the amount of loan

`\$39,102-$\$21,912=$\$17,190`

Therefore, Joni will pay $17,190 in interest.