Question

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

Answer 1

$120,000

Explanation:

If you make monthly payments of $1,000 for 10 years, the total payment over the lifetime of the loan would be $1,000 x 12 months x 10 years = $120,000

Answer 2

hello!!!!

Payment per year

1,000×12months=12,000

total payment over the lifetime of the loan.

12,000×10years=120,000