Math Help - Loan Amoritization

How do I calculate the interest that I would have to pay over the life of a loan if I take out a 5 year 20000 dollar car loan at 9% a year? I know that I pay monthly at the rate of $415.17. 2. Re: Loan Amoritization Hello, Eraser147! No fancy formulas required . . . How do I calculate the interest that I would have to pay over the life of a loan if I take out a 5-year$20,000 car loan at 9% a year? .I pay \$415.17 monthly.

You borrowed $\20,\!000.$

You pay back $\415.17$ per month for $60$ months.
You pay back a total of: $60 \times \415.17 \:=\:\24,\!910.20$

Therefore, the interest is: $\24,\!910.20 - 20,\!000 \:=\:\4,\!910.20$

3. Re: Loan Amoritization

Thank you, I'm not too good with word problems.