Kelsey has acquired a student loan for her last year of school. The loan is $7500 with an interest rate of 4.5% and she plans to pay this off in 5 years. Her monthly payment is $139.82. What is her total payback amount and how much interest will she pay on this loan?

Part 1) Her total payback amount is $8,389.20

Part 2) $889.20

Step-by-step explanation:

Part 1) What is her total payback amount

we know that

To find out the payback amount, multiply the monthly payment by the number of months

Remember that

5 years is equal to 5(12)=60 months

so

therefore

Her total payback amount is $8,389.20

Part 2) How much interest will she pay on this loan?

Subtract the amount of the loan from the total payback amount

so

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step-by-step explanation:

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