Calculate how much Susan will actually pay back after 60 months excluding the interest
Assuming Susan is paying back a loan with a fixed interest rate, the amount she will pay back after 60 months is the principal amount plus the total interest accrued over the 60 months.
The total amount paid back can be calculated using the formula:
Total Amount Paid = Principal Amount + Interest Accrued
Interest Accrued = Principal Amount x Interest Rate x Number of Months
Therefore, the total amount paid back by Susan after 60 months is:
Total Amount Paid = Principal Amount + (Principal Amount x Interest Rate x 60 Months)
For example, if the principal amount is $10,000 and the interest rate is 5%, then the total amount paid back by Susan after 60 months is:
Total Amount Paid = $10,000 + ($10,000 x 0.05 x 60)
Total Amount Paid = $10,000 + $3,000
Total Amount Paid = $13,000