Mathematics, 05.05.2021 21:50 ianocampo3413
Alice and Billy each separately apply for and receive loans worth $8,000 apiece. Alice has a very good credit score, so her loan has an APR of 5.61%, compounded monthly. Billy’s credit score is rather low, so his loan has an APR of 10.57% interest, compounded monthly. If both of them repay their loans over a five year period, making equal monthly payments based on their own loan, how much more will Billy have paid than Alice?
Answers: 3
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Alice and Billy each separately apply for and receive loans worth $8,000 apiece. Alice has a very go...
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