Suppose that you borrow $ 16,000 for a new car. You can select one of the following loans, each requiring regular monthly paymen
ts:
Installment Loan A: three-year loan at 5.5%
Installment Loan B: five- year loan at 6.5%
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.
1 answer:
The montly payment for a loan is $880 and the montly payment for b loan is $1040 the interest for loan a is $15680 and b loan is $46400.
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