how much money will a borrower using loan 2 pay in interest over the life of the loan?\n| |loan 1|loan…

how much money will a borrower using loan 2 pay in interest over the life of the loan?\n| |loan 1|loan 2|\n|--|--|--|\n|principal|$3000.00|$3000.00|\n|monthly payment|$70.00|$90.00|\n|duration|48 months|36 months|

how much money will a borrower using loan 2 pay in interest over the life of the loan?\n| |loan 1|loan 2|\n|--|--|--|\n|principal|$3000.00|$3000.00|\n|monthly payment|$70.00|$90.00|\n|duration|48 months|36 months|

Answer

Explanation:

Step1: Calculate total payments over the loan term

Total Payments = Monthly Payment × Duration
$90 \times 36$

Step2: Subtract principal from total payments to find interest

Interest = Total Payments - Principal
$3240 - 3000$

Answer:

$240$