Question

e 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

Help Please? I'll give you a medal if youre right. pease explain.

Answer 1

I would try do do it like this:

If you calculate totals for both of them (number of months in the years they pay their amounts times monthly payment) and subtract the loan the remainder should be what they paid atop (the interest).

Answer 2

For Sue this should be 12 Month * 4 years * 161 (the monthly payment) = ?
For Mary accordingly 12 Months * 6 years * 113 = ?

As the loan for both the same it is actually enough to subtract the totals. It means the total s contain the loan and interest. And Mary's total minus Sue's total will be what Mary pay more then Sue.

Answer 3

This is a bit more then 400 but definitely less then 500 I think. Can you check the calculation? Can't do it quickly without writing results...

Answer 4

If my math is correct I would recommend B. But verify it yourself as well.