Question 473385
12% per year compounded monthly results in 1% per month (12/12 = 1).
the loan amount is 3400.
the period of the loan is 24 months.
the monthly payment is 160.0498056
over the 24 month period of the loan, you will have made a total payments of 24 * 160.0498056 = 3841.195333.
the interest you paid on the loan is 3841.195333 - 3400 = 441.195333.
i used a financial calculator to provide your answer.
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