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?
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
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?
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!