Question

Loan ComparisonLoan 1 Loan 2Principal $5000.00 $5000.00Interest4%4%RateMonthly $148.00 $113.00PaymentHow much moneywill a borrowerusing Loan 1 pay ininterest over thelife of the loan?Duration 36 months 48 monthsB. $328.00A. $424.00D. $592.00C. $452.00

Answer 1

Explanation:

The loan borrowed = $5000.00 at 4% interest rate

Monthly payment for the loan = $148 for 36 months

The total amount paid after 36 months = $148 x 36

Total amount =