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13 July, 09:17

Melvin took out a loan at a 5.6% apr, compounded monthly, to buy a clothes dryer, and he is making monthly payments to pay off the loan which of these interest rates would have allowed melvin to pay off the loan faster

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  1. 13 July, 09:47
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    If the payments remain the same, a lower interest rate here would result in faster repayment of the loan. More $ goes towards paying off principal and less to paying interest.
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