Cheri took out a loan for $14,350. the loan term was 3 years and cheri’s payments were $625.77 per month. since cheri had filed for bankruptcy several years prior, she ended up paying a higher interest rate. with a better credit rating, her payments could have been $431.21 per month. how much more in interest did cheri end up paying for her loan because of her bankruptcy?
a.
$5,836.80
b.
$2,334.72
c.
$8,624.16
d.
$7,004.16

The correct option is:    d.  $7,004.16

Step-by-step explanation:

Amount of the loan

Term of the loan = 3 years = months.

Total amount paid at per month

Total amount paid at per month

So, the amount of more interest, Cheri paid for her loan

d (5 x (-20)) * (100 x (0.7))

step-by-step explanation:

5÷1/100 * -.7 *-20

copy dot flip

5*100 * -.7 *-20

rearrange

5*-20   * 100 *-.7

-100   *-70

7000

5 x 14?

im new, sorry if this is wrong.

step-by-step explanation: