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Maths

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Carter borrowed $5,000 on a 3 year loan at 12% interest. His monthly payments were $166.07. How much did Carter pay in interest?

Jun 19th, 2014

$978.58 over the life of the loan (1st month is $50.00; last month is $1.64).

Period (month) Interest Paid
1 $50.00
2 $48.84
3 $47.67
4 $46.48
5 $45.29
6 $44.08
7 $42.86
8 $41.63
9 $40.38
10 $39.13
11 $37.86
12 $36.57
13 $35.28
14 $33.97
15 $32.65
16 $31.32
17 $29.97
18 $28.61
19 $27.23
20 $25.84
21 $24.44
22 $23.03
23 $21.60
24 $20.15
25 $18.69
26 $17.22
27 $15.73
28 $14.23
29 $12.71
30 $11.17
31 $9.62
32 $8.06
33 $6.48
34 $4.88
35 $3.27
36 $1.64
TOTAL: $978.58

Jun 19th, 2014

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Jun 19th, 2014
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Jun 19th, 2014
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