Register
Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 years. How much more in
44.7k views
2 votes
Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 years. How much more in interest will Mary pay?

User Stalso
by
7.9k points

1 Answer

3 votes
408. In this case, we can multiply the monthly payment by the number of months to get the total amount paid and subtract the difference of total paid.
Mary = 113*(6*12) =8136
Sue = 161*(4*12) =7728
8136-7728 = 408.
User Andrew Rayner
by
7.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.3m questions

11.0m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!