Final answer:
To find out how much less Keri's monthly loan payment would be with a 5% loan for 5 years, we need to calculate the difference between her current loan payment and the new loan payment.
Step-by-step explanation:
To find out how much less Keri's monthly loan payment would be with a 5% loan for 5 years, we need to calculate the difference between her current loan payment and the new loan payment.
Let's assume Keri's current loan payment is $X per month. With a 5% loan for 5 years, her new loan payment can be calculated by using the formula for calculating the monthly payment of a loan:
Monthly Payment = P * r * (1 + r)^n / ((1 + r)^n - 1)
where P is the principal amount (loan amount), r is the interest rate per period, and n is the number of periods (number of years multiplied by the number of periods per year).
Using this formula, we can calculate the new loan payment and then subtract it from her current loan payment to find out how much less she would pay per month.
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