8. The monthly payment for a $5,000, loan at 6% for 2 years is $221. The monthly payment for a$5,000 loan at 5% for 2 years is $219. Which is the best estimate of the amount of interest youwill save if you take the 5% loạn instead of the 6% loạn?F $50G $100H $75J $60

In scenario 1, a monthly payment of $221 is being done every month for 2 years, that is., 24 months.…

Answered: 8. The monthly payment for a $5,000,…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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8. The monthly payment for a $5,000, loan at 6% for 2 years is $221. The monthly payment for a $5,000 loan at 5% for 2 years is $219. Which is the best estimate of the amount of interest you will save if you take the 5% loan instead of the 6% loan? F $50 G $100 H $75 J $60