How much interest is paid on a $52,000 loan if the monthly payments are $450.23 for 30 years?

Solution:

It is given that,

Loan = $52,000

The monthly payments are $450.23

Period for 30 years

Then,

Total payments = 450.23 × 12 × 30 =162,082.8

So, interest paid = Total payments - Loan

= 162,082.8 − 52,000

= 110,082.8

Therefore, the interest paid is $110,082.8.

How much interest is paid on a $52,000 loan if the monthly payments are $450.23 for 30 years?

Summary:

The interest paid on a $52,000 loan if the monthly payments are $450.23 for 30 years is $110,082.8.