Using This Strategy, How Much Total Interest Would He Pay Over The Course Of The Loan?

 To calculate the total interest paid over the course of a loan, you'll need to know the loan amount, the interest rate, and the loan term. Once you have this information, you can use a loan amortization formula or an online loan calculator to determine the total interest paid.

Here's a basic formula for calculating the total interest paid on a fixed-rate loan:

$\text{Total Interest}=(\text{Monthly Payment}\times \text{Number of Payments})-\text{Loan Amount}$

Let's say, for example, the loan amount is $10,000, the annual interest rate is 5%, and the loan term is 3 years (36 months), and the monthly payments are $300.

First, calculate the total amount paid over the loan term: $\text{Total Amount Paid}=\text{Monthly Payment}\times \text{Number of Payments}$

\text{Total Amount Paid} = $300 \times 36 = $10,800

Then, calculate the total interest paid: $\text{Total Interest}=\text{Total Amount Paid}-\text{Loan Amount}$

\text{Total Interest} = $10,800 - $10,000 = $800

So, using this example, the borrower would pay a total of $800 in interest over the course of the loan.

Keep in mind that this is a simplified example, and actual loan terms and calculations may vary depending on factors such as compounding frequency, any fees associated with the loan, and whether the interest rate is fixed or variable. For more accurate results, you can use a loan calculator or consult with a financial professional.