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15 October, 09:29

Megan borrowed $50,000 at 5% simple interest for 6 years. Joseph borrowed $60,000 at 4% simple interest for 8 years. Using the formula m=P+Prt/12t, who will have a greater monthly payment, m, and by how much?

A. Megan will pay approximately $8 dollars more per month.

B. Megan will pay approximately $78 dollars more per month

C. Joseph will pay approximately $8 dollars more per month.

D. Joseph will pay approximately $78 dollars more per month.

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Answers (2)
  1. 15 October, 09:30
    0
    Megan will pay approximately $78 more per month
  2. 15 October, 09:47
    0
    Meagan will pay $78.00
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