Question

Two people apply for loans of the same amount. Due to differences in their credit scores, their payments differ by $72

per month. How much more will the person with the lower credit score pay at the end of the 36-month loan.
a) S439
Ob) $1,580
C) $2,292
d) $2,592

Answer 1

`\large \boxed{\text{d) \$2592 }}`

Step-by -step explanation:

The person with the lower credit score pays $72 more each month.

Over 36 mo, they will pay an extra

`\text{Total amount} = \text{36 mo} * \frac{\text{\$72}}{\text{1 mo}} = \textbf{\$2592}\\\\\text{The person with the lower credit score will have paid an extra $\large \boxed{\mathbf{\$2592 }}$}`