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Pete needs $8000 in student loans to finish out the year. He is comparing two different loans. The current interest rate is 6% for a 5 year loan 4% for a 10 year loan. Loan A (5 years) results in monthly payments of $154.66. Loan B (10 years) results in monthly payments of $81.00. What would be his total payback amount for each loan?

User Ashishraaj
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2 Answers

4 votes

Answer:

Loan A=$28638

Loan B=$35637.60

Explanation:

User Paulo Schreiner
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8.5k points
2 votes

Answer:

The answer is Loan B will have the lowest total payback because the total of the principal and the interest paid for loan B is less than the same total for loan A.

Explanation:

Trust me it is correct.

Also plz branly

User Bram De Geyter
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