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Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly payments are $500 each.

Question 3: You just got a loan for

$15,000

and you plan to pay it off in three years. Your monthly payments are

$500

each. What is the interest rate that the bank is charging you? What if you did bimonthly payments of

$250

? How much sooner will the loan be paid off?

image text in transcribed

Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly payments are $500 each. What is the interest rate that the bank is charging you? What if you did bimonthly payments of $250 ? How much sooner will the loan be paid off

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