Concept explainers
In Exercises 1-10, use
Round answers to the nearest dollar.
Suppose that you decided to borrow $40,000 for a new car. You can select one of the following loans, each requiring regular monthly payments:
Installment Loan A: three-year-loan at 6.1 %
Installment Loan B: five-year loan at 7.2 %.
a. Find the monthly payments and the total interest for Loan A.
b. Find the monthly payments and the total interest for Loan B.
c. Compare the monthly payments and the total interest for the two loans.
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Chapter 8 Solutions
Thinking Mathematically (7th Edition)
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