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Zoe filed for bankruptcy several years ago and now wants to take out a loan for $15,200. Since Zoe has a past bankruptcy, she will end up paying a higher interest rate. The loan term is four years, and her payments are $819.20 per month. With a better credit rating, her payments could have been $440.82 per month. How much more in interest will Zoe end up paying for her loan because of her bankruptcy? a. $4,540.56 b. $15,135.20 c. $23,346.24 d. $18,162.24 Please select the best answer from the choices provided. A B C D

Respuesta :

Answer: Then correct answer would be D. 18,162.24

Explanation:To find this answer you must find the difference of good and bad credit score. This allows you to find the difference for the 4 year

EX: 819.20-440.82=378.38

                                  378.38x12(months)=4,540.56

                                  4,540.56x4(amount of years)=18,162.24

abiolataiwo2015

The amount of interest that Zoe will end up paying for her loan because of her bankruptcy is: $18,162.24 .

Interest

First step is to calculate the payment

Payment= 819.20-440.82

Payment=378.38

Second step is to calculate the Interest

Interest=Payment ×Number of months per year ×Loan term

Let plug in the formula

Interest=378.38 ×4 years x 12months

Interest=$18,162.24

Inconclusion the amount of interest that Zoe will end up paying for her loan because of her bankruptcy is: $18,162.24 .

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