Saul borrows $550$550 for a new smartphone. His 2-2-year loan has 2%% annual interest compounded monthly. What is the total cost of Saul's loan after he makes all the payments? a $200 b $561.60 c $23.40 d $550

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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Saul borrows $550$550 for a new smartphone. His 2-2-year loan has 2%% annual interest compounded monthly.

What is the total cost of Saul's loan after he makes all the payments?

a $200
b $561.60
c $23.40
d $550

Cliff takes out a $5,000 personal loan with 7%% fixed annual interest compounded monthly to pay for his wedding. He repays the loan in 2 year.s

How much total interest does Cliff pay on his loan?

a $372.64
b $5372.64
c $56
d 223.86
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