Megan borrowed $50,000 at 5% simple interest for 6 years. Joseph borrowed $60,000 at 4% simple interest for 8 years. Using the formula m=P+Prt/12t, who will have a greater monthly payment, m, and by how much?

A. Megan will pay approximately $8 dollars more per month.

B. Megan will pay approximately $78 dollars more per month

C. Joseph will pay approximately $8 dollars more per month.

D. Joseph will pay approximately $78 dollars more per month.

Question

Nicolas

9 September, 08:00

+4

Answers (2)

Know the Answer?

Payton Pittman · Answer 1

Payton Pittman 9 September, 09:21

0

Meagan will pay $78.00

Porter Randall · Answer 2

Megan will pay approximately $78 more per month