Carmine took out 28 - year loan for $151,000 at an APR of 9.9%, compounded monthly, while Richie took our a 28 - year loan for $116, 000 at an APR 9.9%, compounded monthly. Who would save more by paying off his loan 17 years early?

A; Carmine would save more, since he has $35,000 more in principal.

B; Richie would save more, since he has $35,000 less in principal.

C; Richie would save more, since he has $35,000 more in principal.

D; Carmine would save more, since he has $35,000 less in principal.

Question

Cherish Larsen

11 February, 10:06

+4

Answers (1)

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Brandon Ferguson · Answer 1

Carmin 151000 (1+9.9%/12) ^204=? richie 116000 (1+9.9%/12) ^204=?