Time remaining:
Maths

label Mathematics
account_circle Unassigned
schedule 0 Hours
account_balance_wallet $5

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

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Jun 19th, 2014
...
Jun 19th, 2014
Oct 17th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer