Question: 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

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

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