Question

30. Brandon is buying a new car and will be financing a loan of $22.000. He has a choice of

paying the loan in installments of 36.48.60.or 72 months. The table below shows the
monthly payments for each loan period.
Loan Terms Interest Monthly
(months) Rate Payment
36 6.0% $669.28
48 6.0% $516.67
60 6.0% $425.32
72 6.0% $364.60
After two years, how much interest will Brandon save by choosing the 4-year loan over the 6-
year loan? 8.12A
F. $51.051.36
G. $24.800.16
H. $1.451.04
J. $26.251.20
My

Answer 1

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Answer 2

H. I took the four year loan payment and multiplied it by the number of months (48•$516.67) then repeated the process for the 6 year loan payment (72•$364.60) then subtracted the total for 6 years from the total for 4 years (26251.20-24800.16).