Question

# Someone has a choice of taking out a $24.000 car loan, at 8% compounded quarterly for either 5 years or 8

years.

- For 5 year loan:

calculate the periodic payment (R)

calculate The total interest paid

- for 2 year loan:

calculate the periodic payment(R)

calculatw the total interest paid

how much saving will she have if she choose to take the 5 year loan, instead of the 8 year loan?

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