Mathematics

4 April, 21:04

Jocelyn is considering taking out one of the two following loans. Loan H is a three-year loan with a principal of $5,650 and an interest rate of 12.24%, compounded monthly. Loan I is a four-year loan with a principal of $6,830 and an interest rate of 10.97%, compounded monthly. Which loan will have the smaller monthly payment, and how much smaller will it be? Round all dollar values to the nearest cent.

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