Suppose that you decide to take a $15,000 loan for a new car. You can select one of the
Chapter 0, Problem 59(choose chapter or problem)
Suppose that you decide to take a $15,000 loan for a new car. You can select one of the following loans, each requiring regular monthly payments: Loan A: three-year loan at 7.2% Loan B: five-year loan at 8.1%. a. Find the monthly payments and the total interest for Loan A. b. Find the monthly payments and the total interest for Loan B. c. Compare the monthly payments and interest for the longer-term loan to the monthly payments and interest for the shorter-term loan.
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