Mark and Jill each have a $6500 loan with a loan term of 4 years. The interest rate on Mark’s loan is 3% and the interest rate on Jill’s loan is 4%. Mark’s monthly payment is $144 and Jill’s monthly payment is $147. How much more in interest will Jill pay than Mark?
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someone help me please!
how do we calculate total interest paid on a loan?
or, how would you describe what we pay for, when we buy a loan .... what are we paying off?
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@amistre64 sorry i was afk. so what are we doing?
ideally, the total cost of a loan, is the loan amount, and the interest
total cost is also just the total amount of money spent on it (sum of all payments)
total payments = loan + interest
subtract the loan amount and we get:
total payments - loan = interest
what is the interest paid for both people?
Oh @amistre64 i gave you a medal but i dont need help on this anymore. thanks though!