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You are trying to decide between a 48-month loan and a 60-month car loan. If the...

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Finance

You are trying to decide between a 48-month loan and a 60-monthcar loan. If the loan is for $22,000 at 6% APR, how much more permonth is the monthly payment of the shorter loan?

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First the monthly payment of the 48 month loan is calculated Information provided Present value 22000 Time 48 months Interest rate 612 050 The monthly payment is calculated by entering    See Answer
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Transcribed Image Text

You are trying to decide between a 48-month loan and a 60-monthcar loan. If the loan is for $22,000 at 6% APR, how much more permonth is the monthly payment of the shorter loan?

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