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Polly borrowed $285 for a new floor lamp. She will make 5 monthly payment of $62 to repay the loan. How much will he pay in interet?

Polly borrowed $285 for a new floor lamp. She will make 5 monthly payment of $62 to repay the loan. How much will he pay in interet?
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Polly borrowed $285 for a new floor lamp. She will make 5 monthly payment of $62 to repay the loan. How much will he pay in interet?

User Carl Norum
by
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1 Answer

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If the payment plan is $62 per month for 5 months, then the whole payment will be: $310

To find the difference of 310 and 285, subtract 310 from 285. This will give you the added interest cost.

310-285 = 25

So, Polly will pay $25 in interest.
User Lotfio
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