Guy took out a 10-year loan for $63,000 at an APR of 10.9%, compounded monthly, while Wilber took out a 10-year loan for $78,000 at an APR of 10.9%, compounded monthly. Who would save more by paying off

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asked Jun 10, 2022 34.7k views

23 votes

Guy took out a 10-year loan for $63,000 at an APR of 10.9%, compounded

monthly, while Wilber took out a 10-year loan for $78,000 at an APR of 10.9%,
compounded monthly. Who would save more by paying off his loan 8 years
early?

Mathematics
high-school

Lostiniceland asked

by Lostiniceland

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2 Answers

9 votes

Answer:

Answer: Wilber would save more, because he borrowed $15,000 more in principle.

Explanation:

Biswajit Maji answered Jun 12, 2022

by Biswajit Maji

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9 votes

Answer: Wilber would save more, because he borrowed $15,000 more in principal.

Step-by-step explanation:

William Riley answered Jun 15, 2022

by William Riley

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