ethanielallison ethanielallison

14-11-2022
Mathematics

Answered

Mr. Fitch needs to get a loan to replace the air-conditioning system in his home.

The cost of the replacement, including installation, is $4,348.00.
He can apply for a 5-year loan or a 3-year loan.
Both loans involve simple interest with an annual interest rate of 6.5%.
If Mr. Fitch applies for the 5-year loan, how much more will he pay in interest than with the 3-year loan?

Answer :

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