An industry currently has firms, each of which has fixed costs of and average variable costs as follows: Quantity Average Variab
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The difference between the monthly payment of R and S is equal to $48.53 by following the compound interest formula. Thus, Loan R's monthly loan amount is greater than Loan S.
<h3>What is a Compound interest loan?</h3>Combined interest (or compound interest) is the loan interest or deposit calculated based on both the original interest and accrued interest from earlier periods.
The difference between the monthly payment of R and S is equal to $48.53.
Hence, Loan R's monthly payment is greater than the loan's monthly payment by $48.53
To learn more about Compound interest, refer to the link: