Dan took out a 24-year loan for $111,000 at an APR 0f 7.7%, compounded monthly, while Forrest took out a 24-year loan for $96,000 at an APR of 7.7%, compounded monthly. Who would save more by paying off

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Thomas Brus asked Dec 14, 2022

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Dan took out a 24-year loan for $111,000 at an APR 0f 7.7%, compounded monthly, while Forrest took out a 24-year loan for $96,000 at an APR of 7.7%, compounded monthly. Who would save more by paying off his loan 13 years early?

Answer: Dan Would save more Since he has $15,000 more in principal.

Mathematics
high-school

Thomas Brus asked Dec 14, 2022

by Thomas Brus

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Answer: he would save15,000

Explanation:

Romulo answered Dec 20, 2022

by Romulo

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