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18 December, 09:07

You are considering taking out one of two loans. Loan R has a principal of $17,550, an interest rate of 5.32% (compounded monthly), and a duration of seven years. Loan S has a principal of $15,925, an interest rate of 6.07% (compounded monthly), and a duration of nine years. Assuming that you pay back each in monthly intervals, which loan will have a greater lifetime total, and how much greater will it be? Round all dollar values to the nearest cent. a. Loan S's lifetime total will be $1,274.12 greater than Loan R's. b. Loan S's lifetime total will be $32.99 greater than Loan R's. c. Loan R's lifetime total will be $350.88 greater than Loan S's. d. Loan R's lifetime total will be $58.96 greater than Loan S's.

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  1. 18 December, 09:10
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    The correct answer to this question is letter " c. Loan R’s lifetime total will be $350.88 greater than Loan S’s."

    You are considering taking out one of two loans. Loan R has a principal of $17,550, an interest rate of 5.32% (compounded monthly), and a duration of seven years. Loan S has a principal of $15,925, an interest rate of 6.07% (compounded monthly), and a duration of nine years. Assuming that you pay back each in monthly intervals, the loan that will have a greater lifetime total is R's with around $350.88.
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