Answer:
Amount of interest pay by Sam = $400
Step-by-step explanation:
Given:
Amount of loan taken by Sam = $5,000
Monthly payment made by Sam = $150
Number of year payment made by Sam = 3 Year
Find:
Amount of interest pay by Sam
Computation:
Total amount pay by Sam in 3 year = Monthly payment made by Sam x 12 x 3
Total amount pay by Sam in 3 year = 150 x 12 x 3
Total amount pay by Sam in 3 year = $5,400
Amount of interest pay by Sam = Total amount pay by Sam in 3 year - Amount of loan taken by Sam
Amount of interest pay by Sam = $5,400 - $5,000
Amount of interest pay by Sam = $400
