Eloise gets a student loan for $20,000 at 6.8% interest for 5 years. she makes monthly payments of 394.14. terrence gets a student loan for 20,000 at 6.8% interest for 10 years. he makes monthly payments of $230.16. which of the following statements is true?

a: terrance will end up paying $3,970.80 more for his education costs than eloise will for hers

b: terrence will end up paying $163.98 more for his education costs than eloise will for hers

c: terrance will end up paying $163.98 less for his education costs than eloise will for hers

d: terrance will end up paying $3,970.80 less for his education costs than eloise will for hers.

Terrance will end up paying $3,970.80 more for his education costs than Eloise will for hers

Explanation:

The information about the interest rates will not be used here because we already know the monthly payments.

Eloise pays $394.14 per month, for 60 months (aka 5 years), so she pays back a total of 394.14*60 = 23648.40 dollars. We'll use this value later, so let A = 23648.40

Terrance pays $230.16 per month, for 120 months (aka 10 years), so he pays back a total of 230.16*120 = 27619.20 dollars. Since we'll use this later, let B = 27619.20

Subtract the values of A and B (larger minus smaller)

C = difference in total payments

C = B - A

C = 27619.20 - 23648.40

C = 3970.80

Since B is larger than A, this means Terrance pays $3,970.80 more compared to Eloise.

you need a common difference between consecutive terms to be constant, like 1,2,3,4 or 2,4,6,8, or 1,3,6,9

hey there!

if she's saving for six months, let's divide the total number we need for the trip by six, dividing it into the amount that needs to be saved for each month.

500 ÷ 6 =

she needs to save at least this amount each month, so we should use this symbol: ≥

let x be the amount she saves each month.

your final answer is x ≥

hope this !