You need to take out a loan of $20,000 to start up your T-shirt business. You have two possibilities: one bank is offering a 10% loan for 5 years, and another is offering a 9% loan for 4 years. Which loan has the lower monthly payments?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You need to take out a loan of $20,000 to start up your T-shirt business. You have two possibilities: one bank is offering a 10% loan for 5 years, and another is offering a 9% loan for 4 years. Which loan has the lower monthly payments?

 
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