How much money will Gwen pay over a 12 year period to pay off the loan

To find out how much money Quyen will pay over the 12-year period to pay off the loan, we need to calculate the total amount of all her monthly payments.

Given:
- Monthly payment: $1,110
- Loan term: 12 years

First, calculate the total number of payments:

\[
\text{Total number of payments} = 12 \, \text{months/year} \times 12 \, \text{years} = 144 \, \text{payments}
\]

Next, multiply the monthly payment by the total number of payments:

\[
\text{Total amount paid} = 1{,}110 \times 144 = 159{,}840
\]

So, Quyen will pay **$159,840** over the 12-year period to pay off the loan.

Would you like more details or have any questions? 

Here are some related questions:
1. How much of the total amount paid goes towards interest?
2. How can Quyen reduce the total interest paid over the loan term?
3. What would happen if the interest rate increased during the loan period?
4. How does the total payment compare if the mortgage term was 15 years instead of 12 years?
5. What are the benefits of paying off the loan early?

**Tip:** When taking out a mortgage, understanding the total cost over time can help you make better financial decisions.

Find out how much money Quyen will pay over a 12-year period to pay off the loan. This detailed solution includes calculations based on monthly payments and the loan term, providing insights into financial management and total cost analysis.

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