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Cheri took out a loan for $14,350. The loan term was 3 years and Cheri’s payments were $625. 77 per month. Since Cheri had filed for bankruptcy several years prior, she ended up paying a higher interest rate. With a better credit rating, her payments could have been $431. 21 per month. How much more in interest did Cheri end up paying for her loan because of her bankruptcy? a. $5,836. 80 b. $2,334. 72 c. $8,624. 16 d. $7,004. 16.

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ashishdwivedilVT

The extra money Cherry paid due to the higher interest rate is $7004.16

What is bankruptcy?

It is a legal proceeding when a person is not able to repay his debts.

If Cherri had not filed for bankruptcy, she would pay= $431.21*36

After filing for bankruptcy she had to pay= $625.77*36

The more money she ended up paying:

= $625.77*36-$431.21*36 =36(625.77-431.21) =$7004.16

Therefore, the more money Cherry paid is $7004.16

To get more about bankruptcy related problems refer to the link,

brainly.com/question/26392690

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