Question

Sue and Mary each have a $7000 loan with a 5% interest rate.
Sue’s monthly payment is $161 with a loan term of 4 years, and
Mary’s monthly payment is $113 with a loan term of 6 years.
How much more in interest will Mary pay?

A.
$161

B.
$408

C.
$728

D.
$1136

Answer 1

this is the same question, different values

Answer 2

read it too fast

Answer 3

yeah this one is more complicated

Answer 4

113 times 6 =

Answer 5

same concept tho

As = 7000 + Si
Bm = 7000 + Mi

diffence between Mi and Si, given that A and B are the respective number of payments made and s and m are the respective payment amounts

Answer 6

161times 4 =

Answer 7

644

Answer 8

the answer two both of those find the difference

Answer 9

Si = As - 7000
-Mi = -Bm + 7000
----------------
diff = As - Bm

difference in payment still

Answer 10

so 678-644?

Answer 11

um, 4 is terms of years, not months ... we re making monthly payments

Answer 12

oh so if there is 4 years there will be 48 months

Answer 13

4(12)(161) - 6(12)(113)

Answer 14

so -408

Answer 15

yes

Answer 16

and that would be answer b right?

Answer 17

i would agree

Answer 18

Can you help me with another?

Answer 19

What is the total cost of an easy-access loan of $1700 borrowed for 30 days with a 29% monthly fee?