prob 9. if you make monthly payments of $2,500 for 8 years, determine the total payment over the lifetime of…
prob 9. if you make monthly payments of $2,500 for 8 years, determine the total payment over the lifetime of the loan.
Answer
Explanation:
Step1: Calculate number of months
There are 12 months in a year, and the loan is for 8 years. So the number of months $n = 8\times12=96$ months.
Step2: Calculate total payment
The monthly payment is $2500$. Multiply the monthly - payment by the number of months. The total payment $T=2500\times96$. $T = 240000$
Answer:
$240000$