What difference does 0.5% make on a loan? To explore this question, find (to the nearest dollar)

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What difference does 0.5% make on a loan? To explore this question, find (to the nearest dollar) the monthly payment and total interest paid over the life of the loan for each of the following.

(a) An auto loan of $15,000 at 8.0% versus 8.5%, both compounded monthly for 4 years.

(b) A mortgage loan of $80,000 at 6.75% versus 7.25%, both compounded monthly for 30 years.

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Mathematical Applications For The Management, Life And Social Sciences

ISBN: 9781337625340

12th Edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Oct 21, 2020 04:12 AM

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What difference does 0.5% make on a loan? To explore this question, find (to the nearest dollar)

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a A n 15 000 n 124 48 i 00812 006 Total interest at 8 48 3661...View the full answer

Mathematical Applications For The Management, Life And Social Sciences

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