Question 1202830: The monthly payments on a 10-year loan of $25,000 at 5.2% interest are $267.61.
(a) What is the total amount paid over the 10 years?
$
(b) What is the total amount of interest paid?
$
Answer by ikleyn(52756)   (Show Source):
You can put this solution on YOUR website! .
The monthly payments on a 10-year loan of $25,000 at 5.2% interest are $267.61.
(a) What is the total amount paid over the 10 years?
(b) What is the total amount of interest paid?
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It is an ENTERTAINMENT type problem :
to solve it, you should not make complicated computations.
(a) To answer (a), simply multiply $267.61 by 10*12 months to get
Paid total = 10*12*267.61 = 32113.20 dollars.
(b) To answer (b), simply subtract $25,000 from 32113.20 dollars to get
total amount of interest paid = 32113.20 - 25000 = 7113.20 dollars.
Solved, answered and explained with minimum calculations.
Have fun and smile. Nice joke problem.
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