Suppose that you decide to borrow 15,000 for a new car. You can select one of the

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Question:

Suppose that you decide to borrow 15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Loan a four year loan at 8%. Loan B6 year loan at 10%. Find the monthly payments and total interest for loan a. Find the monthly payments and total interest for loan be. Compare the monthly payments in total interest for the two loans