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15 January, 00:48

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 who will have a greater monthly payment, m, and by how much?

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  1. 15 January, 04:46
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    Below are the choices:

    1) Megan will pay approximately $8 dollars more per month.

    2) Megan will pay approximately $78 dollars more per month

    3) Joseph will pay approximately $8 dollars more per month.

    4) Joseph will pay approximately $78 dollars more per month.

    Below is the solution:

    m = (p + prt) / (12t)

    megan ...

    m = (50,000 + (50000) (.05) (6) / 12 (6)

    m = 50000 + 15000 / 72

    m = 65000/72

    m = 902.78

    joseph ...

    m = (60000 + (60000) (.04) (8) / 12 (8)

    m = 60000 + 19200 / 96

    m = 79200/96

    m = 825

    megan pays 77.78 (approximately 78) more per month
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