Question

Arthur took out a $12,000 personal loan. The monthly payments 0/

required based on the length of the term are shown in the table. Which is
a true statement about Arthur's repayment of the loan?

Answer 1

Answer C, Arthur will pay about $918 less in interest if he chooses the 3-year loan.

Explanation:

(370.53 x 12) x 3 = 13,339.08

(237.61 x 12) x 5 = 14,256.60

14,256.60 - 13,339.08 = 917.58 (then round up)