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If you have a balance of $1,000 on your credit card, and the interest rate is 17¾% a year, in order to pay off the $1,000 in 5 years, you will have to make minimum payments of $25.26 a month. How much will the $1,000 loan cost you in interest?

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abiolataiwo2015

If you will have to make minimum payments of $25.26 a month. How much will the $1000 loan cost you in interest is: $515.6.

What is Interest?

Interest can be defined as the charges that is added to the amount a borrower borrowed.

First step

5 years=5×12 months

5 years= 60 months

Interest= ($25.26)(60)

Interest= $1,515.6

Second step

Loan cost= $1,515.6 - $1000

Loan cost=$515.6

Therefore how much will the $1000 loan cost you in interest is: $515.6.

Learn more about interest here:https://brainly.com/question/16134508

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