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7 August, 18:13

Sue and Mary each have a $7000 loan with a 5% interest rate. Sue's monthly payment is $161 with a loan term of 4 years, and Mary's monthly payment is $113 with a loan term of 6 years. How much more in interest will Mary pay?

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  1. 7 August, 18:24
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    408. In this case, we can multiply the monthly payment by the number of months to get the total amount paid and subtract the difference of total paid.

    Mary = 113 * (6*12) = 8136

    Sue = 161 * (4*12) = 7728

    8136-7728 = 408.
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