nettyshaf202406
18.11.2020 •
Mathematics
What is 8/5 divided by 3/5 help would be appreciated :))
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Ответ:
d. Since the finance charge for the 24 month loan is lower, this loan will save more.
Step-by-step explanation:
Since, The monthly payment formula of a loan,
Where, PV is the principal value of the loan.
r is the interest rate per period
n is the number of period,
For, 36 months loan, monthly payment,
=
=
=
Thus, the total finance charge =
Again,
For, 24 months loan, monthly payment
=
=
=
Thus, the total finance charge for this loan =
Since, 8190.616 > 7752.35
Thus, the finance charge for 24 month loan is less than that of 36 month loan.
⇒ Since, the finance charge for the 24 month loan is lower, this loan will save more.