7. A loan of $5,000 at 8% for 2 years has a monthly payment of $226 and for 3 years the monthly payment would be $157. Which is the best estimate of the amount of interest you will save if you take the loan for 2 years instead of 3 years? A $420 B $320 C $220 D $120

7. A loan of $5,000 at 8% for 2 years has a monthly payment of $226 and for 3 years the monthly payment would be $157. Which is the best estimate of the amount of interest you will save if you take the loan for 2 years instead of 3 years? A $420 B $320 C $220 D $120

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

7. A loan of $5,000 at 8% for 2 years has a monthly payment of $226 and for 3 years the monthly
payment would be $157. Which is the best estimate of the amount of interest you will save if you
take the loan for 2 years instead of 3 years?
A $420
B $320
C $220
D $120

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