Question

Miguel borrowed $825 for a new couch. He will make 9 monthly payments of $95 to repay the loan. How much will he pay in interest?

Answer 1

$30 is paid in interest.

Explanation:

The couch costs $825 and Miguel will pay 9 * $95 = $855. So the amount of interest paid is how much in total was paid $855 minuse the cost of the couch $825, or $855-$825 = $30 in interest