Question

Polly borrowed $285 for a new floor lamp. She will make 5 monthly payment of $62 to repay the loan. How much will he pay in interet?

Answer 1

If the payment plan is $62 per month for 5 months, then the whole payment will be: $310

To find the difference of 310 and 285, subtract 310 from 285. This will give you the added interest cost.

310-285 = 25

So, Polly will pay $25 in interest.