If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48 months at a 12% interest rate, how much money will she save in interest charges on her $6,000 loan?

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asked Apr 8, 2018 195k views

4 votes

If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48 months at a 12% interest rate, how much money will she save in interest charges on her $6,000 loan?

Mathematics
high-school

Oym asked

by Oym

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1 Answer

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I=6,000×0.10×(36÷12)
I=1,800

I=6,000×0.12×(48÷12)
I=2,880

She saved
2,880−1,800=1,080

Ymln answered Apr 13, 2018

by Ymln

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