Question

Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent.) a.$619.68 b.$267.50 c.$1,609.57 d.$1,070.00

Answer 1

B

Step-by-step explanation:

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Answer 2

The answer to the question above as to how much more will nick have to pay than miles if nick's loan has an APR of 13.10% and mile's loan has an APR of 7.75 the answer is letter B, $267.50. in calculation the total payment of nick for four years is $5655 that's with the added 13.10% compounded monthly and mile's is $5387.5 with 7.75% compounded monthly.