Holden needs a student loan to finish his last year of school. He needs $9000 and has
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Question:
Holden needs a student loan to finish his last year of school. He needs $9000 and has two options.
Option A: 10 years at 6% interest with monthly payments of $99.92
Option B: 5 years at 4% interest with monthly payments of $165.75
How much will Holden save by choosing option B?
First, calculate the total payback on each loan.
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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