Question

To pay for a $23,600 motorcycle, Raphael made a down payment of $3300 and took out a loan for the rest .on the loan, he paid monthly payments of $364.77 for 5 years. what was the total amount Rafael ended up paying for the motorcycle including the down payment and monthly payments? how much interest did Raphael pay on the loan?

Answer 1

-Total amount Rafael ended up paying for the motorcycle: $25,186.2

-Interest: $1,586.2

Explanation:

You can find the total amount Rafael ended up paying by adding up the down payment plus the result of multiplying the monthly payment for the number of months he paid:

Total payment=3,300+(364,77*60)

Total payment=3,300+21,886.2

Total payment=25,186.2

Now, to calculate the amount of interest that Raphael paid on the loan, you should subtract the price of the motorcycle from the total amount Raphael paid:

Interest=$25,186.2-$23,600

Interest=$1,586.2