how much money will a borrower using loan 2 p...
how much money will a borrower using loan 2 pay in interest over the life of the loan? loan 1 loan 2 principal $5100.00 $5100.00 monthly payment $152.00 $120.00 duration 36 months 48 months
Answer
# Explanation:
## Step1: Calculate total payments
Multiply monthly - payment by number of months. For Loan 2, the monthly payment is $120 and the duration is 48 months. So the total payments are $120\times48$.
$120\times48 = 5760$
## Step2: Calculate total interest
Subtract the principal from the total payments. The principal of Loan 2 is $5100$.
$5760 - 5100=660$
# Answer:
$660$