Suppose that you borrow $ 16,000 for a new car. You can select one of the following loans, each requiring regular monthly paymen

Question

3 years ago

14

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.

Mathematics

1 answer:

zalisa [80] · Answer 1 · 2022-06-14T18:56:37+03:00

zalisa [80]3 years ago

5 0

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.