Question

The Jackson's are taking out a $35,000 loan to remodel their home. The tables below show the rates for a 1-year and a 5-year loan from two different lenders. complete each table to calculate the total repayment and interest paid for each loan offer.

Answer 1

1

-

year term; $3,666.60

term 1 year total repayment : $35,953.20 Interest paid 953.20

term 5 year total repayment $39,619.80 Interest paid 4,619.80

Explanation: