Answered

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Loan 1:
Loan Amount: $10,000
Interest Rate: 12 percent
Loan Term: 12 months
Upfront fees: $125.00
Monthly Payment: $888.49

What is the total amount paid on Loan 1?

Sagot :

Samawatiidn

Answer:

$10,786.88

Explanation:

The total amount paid on loan will be the sum of monthly payments and the deposit paid.

Monthly payments = $888.49 per month

Number of months = 12

Total monthly payments :  $888.49  x  12= $10,661. 88

Upfront fee( deposit) $125

Loan amount

=$10,661. 88 + $125

=$10,786.88

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