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You decide to borrow $ 2 0 , 0 0 0 for a new car. You can select one of the following loans, each requiring

You decide to borrow $

20, 000

for a new car. You can select one of the following loans, each requiring regular monthly payments.

Installment Loan A:

3 -

year loan at

7 % .

Installment Loan B:

5 -

year loan at

9 % .

.

find the monthly payments and the total interest for loan a

.

find the monthly payments and the total interest for loan b

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