Question

sarah borrowed $12,000 to buy a car. If the loan is repaid over 24 months, the monthly payment, including interest, is $550. If the loan is repaid 48 months, the monthly payment, including interest, is $325. How much more would sarah pay if she chooses repaying it over 48 months instead of 24 months.

Answer 1

@shansha1 Help please!!

Answer 2

@mangotangochick

Answer 3

wats sup

Answer 4

i need help with this question please help.

Answer 5

idk

Answer 6

total amount paid with 24 month loan = (24)(550) =

total amount paid with 48 month loan = (48)(325) =

Answer 7

First work out 24 months:
24 x 550 = 13200
13200 - 12000 = $1,200 paid extra

Then for 48 months:
48 x 325 = 15600
15600 - 12000 = $3,600 paid extra

The difference between the two is that 48 month plan is $(3600-1200) more than the 24 month plan.