Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kim's personal loan of $8,000 will be paid off in 5 years, but she doesn't know if she will be approved for a 6% or
Kim's personal loan of $8,000 will be paid off in 5 years, but she doesn't know if she will be approved for a 6% or a 12% interest rate. Her monthly payments based on the interest rate are shown below:
6% RatePayments of $154.66/month12% RatePayments of $177.96/month
How much more will Kim pay in interest at the end of 5 years if she does not get approved for the 6% interest rate?
$1,398
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