Myra and Geoff are seeking loans of equal amounts to buy cars. Myra has a credit score
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Question:
Myra and Geoff are seeking loans of equal amounts to buy cars. Myra has a credit score of 740, so she qualifies for a low 6.185% interest rate on her 36-month car loan. Myra's monthly payment for the loan is $763. Myra's friend Geoff has a credit score of 600 and was offered a much higher 13.86% interest rate on his 36-month car loan. Geoff's monthly payment for the loan is $853. Assuming that both Myra and Geoff make each payment on time and pay only the amount due each month, how much more will Geoff have paid than Myra when the loans are completely paid off?
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