carlossanchez16 carlossanchez16

17-05-2023
Mathematics

Answered

12. Jake is going to borrow $7,500 from a bank. His interest rate is 3.7%. If he pays the loan back in 3 years,
his monthly payment will be $220.43. If he pays the loan back in 5 years, his monthly payment will be
$137.11. How much interest will he pay for each loan? How much more will he pay for the 5 year loan
than the 3 year loan?

Answer :

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