will fan+medal. XoXo

Question

will fan+medal. XoXo <3
Josh and Michael each have a loan for $6200 with a 4% interest rate. Josh has a monthly payment of $183, and Michael has a monthly payment of $114. How much more in interest will Michael pay if his loan term is 5 years and Josh’s loan term is 3 years?

amistre64 · Answer

well, how can we calculate total interest paid on a loan?

here_to_help15 · Answer

Ok so lets take this down and @amistre64 please correct me if im off track

amistre64 · Answer

im not sure what 'take this down' refers to.  And posting non relevant content on a session is considered spam.

here_to_help15 · Answer

As in take it down step by step -.-

amistre64 · Answer

that we can do

the first step is knowing what we pay for when we pay off a loan ....

here_to_help15 · Answer

But nevermind looks like you can handle it after all its what your here for

amistre64 · Answer

consider that paying off a loan has 2 aspects to it,  the original amount, and the interest.

so what do the total payments add up to?