Question

Hunter took out a $3500 loan with interest to pay for some business supplies. He will repay The loan and three years with monthly payments of $109.68. What is the total amount of interest hundred will pay? ( there's no answer choices)

Answer 1

Answer: $448.48

Explanation:

The amount Hunter will pay in total is;

= 109.68 * 12 months * 3 years

= $‭3,948.48‬

Interest he will pay = Amount paid - Loan amount

= ‭3,948.48‬ - 3,500

= $448.48