Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen’s monthly payments are

Question

Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen’s monthly payments are $207.26, what is the amount of interest she will have to pay on her loan?

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Maria 3 days 2021-10-14T11:09:08+00:00 1 Answer 0

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    2021-10-14T11:11:06+00:00

    Answer:

    Karen will have to pay $9,450 back to the bank. If Karen gives monthly payments of $207.26, she will be able to pay off her loan in around 3.6 years.

    Step-by-step explanation:

    5% of 9,000 is 450

    9,000+450=9,450

    Karen will have to pay $9,450 back to the bank where there is a 5% interest rate.

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