Question: Question 11 (2 points) James needs to borrow $20 000 to purchase a car. If the interest rate is six percent compounded monthly, which of

Question 11 (2 points) James needs to borrow $20 000 to purchase a car. If the interest rate is six percent compounded monthly, which of the following is true when considering a five, seven or ten year term? If he selects a seven year term he will save interest by keeping his payments to $282.17 per month. If he selects a five year term he will save $1342.68 in interest compared with the seven year term. The overall interest will be the same, regardless of the term. If he selects a ten year term he will save $2102.52 in interest compared with the seven year term

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