Sky needs $6700 for school and has two options. Option A: 5 years at 5% interest with monthly payments of $126.44 Option B: 6 ye

Question

3 years ago

5

Sky needs $6700 for school and has two options. Option A: 5 years at 5% interest with monthly payments of $126.44 Option B: 6 ye

ars at 3.5% interest with monthly payments of $103.30 Calculate the total payback on each loan and calculate how much Sky will save by choosing option B.

Mathematics

1 answer:

zimovet [89] · Answer 1 · 2022-05-07T01:18:48+03:00

zimovet [89]3 years ago

4 0

Answer:

148.80

Step-by-step explanation:

Take 126.44 multiply by 60 months equals 7586.40

Take 103.30 multiply by 72 months equals 7437.60

Subtract 7437.60 from 7586.40