Respuesta :
The interest that Zoe ends up paying more for her loan because of her bankruptcy is $18,162.24.
What is interest?
Interest is the sum of the amount paid by the borrower to the lender. It is usually few percentages of the principal amount borrowed by the borrower.
We know that the loan taken by Zoe is for 4 years, therefore, the payment made by Zoe will be for 48 months. Also, the principal amount is $15,200 which is included in the per month payment made by Zoe for the next 4 years.
We know that Zoe has a past bankruptcy, therefore, her payments are $819.20 per month for the next 48 months,
The total interest paid by Zoe in four years(With past in bankruptcy),
= Total amount paid by Zoe in 48 months - Principal amount
= ($819.20 x 48 months) - $15,200
= $24,121.6
Now, if Zoe didn't have a past bankruptcy, therefore, her payments are $440.82 per month for the next 48 months,
The total interest paid by Zoe in four years(With past in bankruptcy),
= Total amount paid by Zoe in 48 months - Principal amount
= ($440.82 x 48 months) - $15,200
= $5,959.36
The interest that Zoe end up paying more for her loan because of her bankruptcy can be calculated by deducting the total interest paid by Zoe in four years(With past bankruptcy) from the total interest paid by Zoe in four years(With past bankruptcy).
Extra interest paid by Zoe = $24,121.6 - $5,959.36
= $18,162.24
Hence, the interest that Zoe end up paying more for her loan because of her bankruptcy is $18,162.24.
Learn more about Interest:
https://brainly.com/question/4605117
