If Eric agreed to make monthly payments of 175.00 for 36 months, the total amount of money he will pay the bank is 6,300.
How much will Eric pay the bank?
Given that;
- Amount of money borrowed = 5000
- Monthly payment = 175.00
- Number of month = 36
- Total amount of money paid to the bank = ?
To determine the total amount of money that Eric will pay the back, we simply multiply his monthly payment and the number of months.
175.00 × 36
= 6,300
Hence, if Eric agreed to make monthly payments of 175.00 for 36 months, the total amount of money he will pay the bank is 6,300.
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