You plan to buy a car that costs $20,000. You can either take out a 5-year car

Fantastic news! We've Found the answer you've been seeking!

Question:

You plan to buy a car that costs $20,000. You can either take out a 5-year car loan with a 6% annual interest rate, compounded monthly, or a 3-year car loan with a 4% annual interest rate, compounded quarterly. Which loan should you choose, and how much will you save in interest?