Jen and Mark, two customers at an appliance retailer, are each taking out a personal loan of $2,000 to finance the purchase of new appliances. Jen has been offered a two-year loan with an APR of 8.99% and monthly payments of $91.36. Based on a lower income and weaker credit history, Mark was offered a two-year loan with an APR of 12.99% and monthly payments of $95.07. Assuming that Jen and Mark both pay off their loans according to the 24-month schedule. 

How much more will Mark end up paying in interest?

Answer rating: 100% (QA)

To determine how much more Mark will end up paying in interest compared to Jen we first need to calc... View the full answer