## Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen’s monthly payments are

Question

Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen’s monthly payments are $207.26, what is the amount of interest she will have to pay on her loan?

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Math
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2021-10-14T11:09:08+00:00
2021-10-14T11:09:08+00:00 1 Answer
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## Answers ( )

Answer:Karen will have to pay $9,450 back to the bank. If Karen gives monthly payments of $207.26, she will be able to pay off her loan in around 3.6 years.

Step-by-step explanation:5% of 9,000 is 450

9,000+450=9,450

Karen will have to pay $9,450 back to the bank where there is a 5% interest rate.