$2000 borrowed with 10% interest rate, got additional 1000 on the same rate for the same period of repayment. How much would he

Question

ivanzaharov [21]

3 years ago

14

$2000 borrowed with 10% interest rate, got additional 1000 on the same rate for the same period of repayment. How much would he

have saved if he borrow $3000 for the same rate and period of repayment?

Mathematics

1 answer:

nekit [7.7K] · Answer 1 · 2022-02-05T03:31:20+03:00

Answer:

nothing

Step-by-step explanation:

Loan payments are <em>linear in the loan amount</em> for a given rate and period, so the payments for loans of $2000 and $1000 sum to the amount of payments for a loan of $3000.

The only possible savings (or cost) might come from rounding to the nearest cent. (In any event, the final payment on each loan should make up for any differences due to rounding.)