Mark borrows $15,000 to buy a new car. His loan has an interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49. If, instead, his loan had an interest rate of 8%, how much more interest would he have paid by the time he finished paying off his loan in 60 months?

Answer rating: 100% (QA)

To calculate how much more interest Mark would have paid if his loan had an interest rate of 8 we ca... View the full answer