Business, 03.12.2021 23:10 student10190
Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7. 75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13. 10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent. ) a. $619. 68 b. $267. 50 c. $1,609. 57 d. $1,070. 00 Please select the best answer from the choices provided A B C D.
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Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very goo...
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