Question
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 30-year loan or a 25-year loan of $365,000 at an annual interest rate of 5.25%.
-Calculate the monthly payment (in dollars) for the 30-year loan. (Enter a number. Round your answer to the nearest cent.)
-Calculate the monthly payment (in dollars) for the 25-year loan. (Enter a number. Round your answer to the nearest cent.)
-Calculate the savings in interest (in dollars) by using the 25-year loan. (Enter a number. Round your answer to the nearest cent.)
**please show work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started