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.
Provide your answer below:
Answers: 2
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