You want to take out a loan for a car. Initially you are presented with a 4 year loan that has a $250 monthly payment. Another bank presents you with a 3 year loan that has the same interest rate as the 4 year loan. 17.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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A) How would the monthly payment of the new three-year loan compare to the monthly payment of the 4 year loan? B) How would the total interest paid of the new three-year loan compared to the total interest paid of the 4 year loan?
You want to take out a loan for a car. Initially you are
presented with a 4 year loan that has a $250 monthly payment.
Another bank presents you with a 3 year loan that has the same
interest rate as the 4 year loan.
17.
Transcribed Image Text:You want to take out a loan for a car. Initially you are presented with a 4 year loan that has a $250 monthly payment. Another bank presents you with a 3 year loan that has the same interest rate as the 4 year loan. 17.
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