Question
Consider the following two loans for Po = $15,000.
• Loan A: 5 year loan, annual in...
Mathematics, 14.09.2021 14:00 alexiannaa
Question
Consider the following two loans for Po = $15,000.
• Loan A: 5 year loan, annual interest rate of 8%, monthly repayments of $304.15.
• Loan B: 3 year loan, annual interest rate of 11%, monthly repayments of $491.08.
Calculate the absolute difference between the total interest paid on both loans. Give your answer to the nearest ten dollars.
Do not include the dollar sign in your answer.
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Answers: 2
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