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Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 …

Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 …
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Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 years. How much more in interest will Mary pay?

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User Stalso
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1 Answer

3 votes
408. In this case, we can multiply the monthly payment by the number of months to get the total amount paid and subtract the difference of total paid.
Mary = 113*(6*12) =8136
Sue = 161*(4*12) =7728
8136-7728 = 408.
answered
User Andrew Rayner
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