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anonymous

  • one year ago

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? A. $144 B. $412 C. $556 D. $968

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  1. anonymous
    • one year ago
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    someone help me please!

  2. amistre64
    • one year ago
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    how do we calculate total interest paid on a loan?

  3. amistre64
    • one year ago
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    or, how would you describe what we pay for, when we buy a loan .... what are we paying off?

  4. anonymous
    • one year ago
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    @amistre64 sorry i was afk. so what are we doing?

  5. amistre64
    • one year ago
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    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?

  6. anonymous
    • one year ago
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    Oh @amistre64 i gave you a medal but i dont need help on this anymore. thanks though!

  7. anonymous
    • one year ago
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    sorry for wasting your time

  8. amistre64
    • one year ago
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    ok, good luck all the same :)

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