Mathematics, 05.05.2021 21:30 lorihab1970
Eileen wants to borrow $40,000 to buy a new car. She is willing to make monthly payments for 5 years. The Metro Bank offers her a loan of $40,000 for five years; the rate of interest is 6% compounded monthly. If Eileen chooses to borrow the money,
a) how much total interest will she pay?
b) how much simple interest will she pay?
c) how much compound interest will she pay?
Answers: 3
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Eileen wants to borrow $40,000 to buy a new car. She is willing to make monthly payments for 5 years...
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