Mathematics, 02.10.2021 14:00 gracekerleyy

13. Jessie is taking out a $32,000 loan for a new car at an interest rate of 4.2%. He is deciding
between the following terms:

3-Year Term → Monthly Payments: $948
5-Year Term → Monthly Payments: $592

Which term will result in the lowest total
repayment?
How much less interest would Jessie pay?

Answers: 1

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13. Jessie is taking out a $32,000 loan for a new car at an interest rate of 4.2%. He is deciding<...

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13. Jessie is taking out a $32,000 loan for a new car at an interest rate of 4.2%. He is deciding between the following terms: 3-Year Term → Monthly Payments: $948 5-Year Term → Monthly Payments: $592 Which term will result in the lowest total repayment? How much less interest would Jessie pay?

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