Mathematics, 04.10.2021 20:20 xoxotrish5401
Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent.)
a.
$619.68
b.
$267.50
c.
$1,609.57
d.
$1,070.00
Answers: 2
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Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very goo...
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