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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