1. The cost for the 6% loan total is 375.76*48=18036.48, and for the 8% loan is 390.61*48= 18749.28. So, the benefit would be (subtract these) 712.80 to get the 6% loan over the 8% loan.
2. I am going to assume that there is an extra 7 in the 2777.90. One year, she will pay 277.90*12=3334.80. Over 2 years she will pay 152.69*24=3664.56. The benefit would be (subtract) $329.76.
1 ) first offer total payments 375.76×12×4 =18,036.48 Interest paid 18,036.48−16,000 =2,036.48 Second offer Total payments 390.61×12×4 =18,749.28 Interest paid 18,749.28−16,000 =2,749.28 Larry will save of taking 6% loan 2,749.28−2,036.48=712.8. .answer
2) credit card 1 Total payments 277.09×12 =3,325.08 Interest paid 3,325.08−3,000 =325.08 Credit card 2 Total payments 152.69×12×2 =3,664.56 Interest paid 3,664.56−3,000 =664.56 Susan will save 664.56−325.08 =339.48...answer
