Question

Find the total amount paid on a loan when the monthly payment is $189 and the loan is paid off in 48 months. Use the formula A = MN, where A is the total amount paid, M is the monthly payment, and N is the number of payments.

Answer 1

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Answer:

$9072

Explanation:

Put the given numbers in the given formula and do the arithmetic.

A = MN . . . . . . M = payment = $189. N = number of payments = 48.

A = $189 × 48 = $9072

The total amount paid is $9072.