Question

John took out a loan for 18,550. To pay it back he will make 60 monthly payments of 389. How much will he pay in interest?

Answer 1

He paid an of 4790

Explanation:

If John took a loan of 18550

Then in 60 months, we will pay back 389 multiply by 60

389 × 60 = 23340

Therefore he paid an interest of 23340 minus 18550, that is

23340 - 18550 = 4790