Tracy mine $8800 on a 6 year, 7% add-on interests loan. what will tracy monthly payments be?
Sharon is considering the purchase of a car after making the down payment she will finance $13210 sharing is offered 3 maturities On a 4 year loan Sharon will pay $310.24 per month on a 5 year loan. sharon's monthly payments will be $255.39 on a 6 year loan they will be $218.93. Sharon rejects the four year loan as it is not within her budget
1. how much interest was Sharon pay over the life of the loan on the 5 year loan
2. how much interest was Sharon pay over the life of the loan on the 6 year loan
3. which should she choose if she bases her decision solely on total interest paid?