Question

Karl is buying a new car. At Bank A, a car loan will cost him 11.5%. At Bank B, it will cost 12.25%. If he borrows $8,000, how much will he save if he borrows from Bank A?

Answer 1

Bank A will cost him 9200 and Bank B will cost him 9800 so he will save a total of 600 dollars

Answer 2

Karl is saving $60

8,000*0.115= 920

And, 8,000*0.1225= 980