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27 November, 11:46

If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48 months at a 12% interest rate, how much money will she save in interest charges on her $6,000 loan?

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  1. 27 November, 12:14
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    I=6,000*0.10 * (36:12)

    I=1,800

    I=6,000*0.12 * (48:12)

    I=2,880

    She saved

    2,880-1,800=1,080
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