Question

Melvin borrowed $1,200 for furniture. His monthly payments were $60 for 24 months.

How much interest did Melvin pay on the loan?


$240


$1,200


$1,440


$2,880

Answer 1

240.

Explanation:

First you need to find out what his monthly payments are (60x24=1440)

Then you would subtract his monthly payments (1440) to the amount that he borrowed for the furniature (1200) which would give you 240.