A local miniature golf course owner must recarpet his fairways and replace the golf clubs his customers use. A bank will lend the owner the necessary $8500 at 8%interest over 78 months. A savings and loan company will lend the owner $9500 at 9% interest for 54 months. Which loan will be less expensive for the golf owner to assume?

Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter3: Solving Equation And Problems
Section3.7: Costs, Income, And Value Problems
Problem 10P
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A local miniature golf course owner must recarpet his fairways and replace the golf clubs his customers use. A bank will lend the owner the necessary $8500 at 8%interest over 78 months. A savings and loan company will lend the owner $9500 at 9% interest for 54 months. Which loan will be less expensive for the golf owner to assume?

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