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Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has
Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a year loan or a year loan of $ at an annual interest rate of
a
Calculate the monthly payment in dollars for each loan. Round your answers to the nearest cent.
year loan $
year loan $
b
Calculate the savings in interest in dollars by using the year loan. Round your answer to the nearest cent.
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