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12 July, 21:56

Christina took out a $9,000 personal loan to remodel a portion of her home into an office for her new business. The loan has a 4-year term and a 5% interest rate. If Christina's monthly payments are $207.26, find the total cost of repayment and the interest Christina will pay on her loan.

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  1. 12 July, 22:17
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    -Total cost of repayment: $9,948.48

    -Interest: $948.48

    Step-by-step explanation:

    As Christina took a loan with a 4-year term with monthly payments of $207.26, you can find the total cost of repayment by multiplying the monthly payments for 48 months:

    $207.26*48 = $9,948.48

    The interest that Christina will pay on her loan can be calculating by subtracting the principal from the total cost of repayment:

    $9,948.48-$9,000 = $948.48
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Home » Mathematics » Christina took out a $9,000 personal loan to remodel a portion of her home into an office for her new business. The loan has a 4-year term and a 5% interest rate. If Christina's monthly payments are $207.
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