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Mathematics 7 Online
OpenStudy (anonymous):

Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles?

OpenStudy (anonymous):

a. $619.68 b. $267.50 c. $1,609.57 d. $1,070.00

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