Question

If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.

a.

$10,000

c.

$120,000


b.

$100,000

d.

$130,000

Answer 1

120,000

Explanation:

Answer 2

Hi there

There are 12 months a year
To find how many months in 10 years
Just multiply 12 by 10
12×10=120 months

So total payment over the lifetime of the loan is
1,000×120=120,000....answer

Good luck!