Business

23 January, 14:27

Use the following chart to explain how the loan repayment period affects the total cost of the loan. Loan Repayment PeriodLoan 1 Loan 2Principal $5,000 $5,000Interest Rate 6.47 percent 6.47 percentMonthly Payment $98 $57Loan Repayment Period 5 years 10 yearsTotal cost of the loan $5,866 $6,804

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