Question
loan interest : sharon is considering the purchase of a car. after making the down payment, she will finance $19,780.00. sharon is offered three maturities.
loan interest : sharon is considering the purchase of a car. after making the down payment, she will finance $19,780.00. sharon is offered three maturities. on a four-year loan, sharon will pay $455.52 per monyh. on five-year loan, sharon's monthly payments will be $373.27. on a six-year loan, they will be $318.56. sharon rejects the four-year loan, as it is not with her budget. how much interest will sharon pay over the life of the loan on the five-year loan? how much interest will sharon pay over the life of the loan on six-year loan? which should she choose if she bases her decision solely on total interest paid?
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