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.

+3

Answers (1)

Know the Answer?

Not Sure About the Answer?

Find an answer to your question 👍 “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 ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.

Search for Other Answers

You Might be Interested in

What number a is 25% of 7/8?

Terri walked 3.825 miles yesterday. Today she walked 5.5 miles. How many more miles did terri walk today than yesterday? Brenda chose B as the correct answer. How did she get that answer?

Which measurement is the most precise? A) 29 cm B) 28.8 cm C) 28.76 cm D) 28.762 cm

Last year, a French restaurant used 394,070 ounces of cream. This year, due to a menu update, the restaurant used 275,849 ounces of cream. By what percentage did the restaurant's annual cream usage decrease? %

What's the decimal from 19/20

New Questions in Mathematics

At an Italian bistro, the cost of 2 plates of spaghetti and 1 salad is $27.50. The cost for 4 plates of spaghetti and 3 salads is $59.50. Write and solve a system of equations to find the cost of 1 plate of spaghetti and 1 salad.

How much would $400 invested at 9% interest compounded continuously be worth after 3 years? Round your answer to the nearest cent.

Bob needs to mix 2 cups of liquid lemonade concentrate with 3.5 cups of water to make lemonade. Bob has 6 cups of lemonade concentrate. How much lemonade can he make?

The temperature decreased overnight by 15.2°C to a temperature of - 12.8°C. Suppose t represents the temperature before it decreased. Which equation can be used to represent this situation? A. t - 15.2 = - 12.8 B. t + 12.8 = - 15.2 C. t - 12.8 = 15.

The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed, with mean of 3.2 pounds and standard deviation of 0.8 pound.