Get personalized and accurate responses to your questions with IDNLearn.com. Get accurate and detailed answers to your questions from our dedicated community members who are always ready to help.
Sagot :
Answer:
$2,854.2
Step-by-step explanation:
For Sebastian
It took Sebastian 10 years to repay a loan of $30,000, paying $296.66 per month.
1 year = 12 months
10 years = x
Cross Multiply
x = 10 × 12 = 120 months
He pays $296.66 monthly
Hence, the total amount he paid in 10 years =
$296.66 × 120
= $35,599.2
The loan he took was $30,000.
Hence, the interest Sebastian paid on his loan = $35,599.2 - $30,000
= $5,599.2
For Jana
Jana paid off a loan for the same
amount at the same interest rate in 5 years by paying $545.75 per month.
1 year = 12 months
5 years = x
Cross Multiply
x = 10 × 5 = 60 months
He pays $545.75 monthly
Hence, the total amount he paid in 5 years =
$545.75 × 60
= $32,745
The loan she took was $30,000.
Hence, the interest Sebastian paid on his loan = $32,745 - $30,000
= $2,745
How much more did Sebastian pay in interest than Jana?
This is calculated as:
The interest Sebastian paid - The Interest Jana paid
= $5,599.2 - $2,745
= $2,854.2
Therefore, Sebastian paid $2,854.2 more than Jana
Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! Thank you for choosing IDNLearn.com for your queries. We’re here to provide accurate answers, so visit us again soon.
