Answered

Travis took out a six-year loan with a principal of $15,000. He made monthly payments of $225 for the entire period, at which point the loan was paid off. How much did Travis pay in interest?

a.

$1,200

b.

$1,350

c.

$800

d.

$0

Verified Answer :

W0lf93

The loan was for a six year period, this is 6 years 12 months = 72 months.
He payed $225 per month for a total of $225 72 months = $16,200.
So in total he paid off $16,200 - $15,000 = $1,200 more than he loaned over a six year period. So the correct answer is: a. $1,200.

Answer:

a is correct on edg2019

Explanation:

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