Michael wants to buy some new exercise equipment for his

Last updated: 10/4/2023

Michael wants to buy some new exercise equipment for his fitness center for 171 000 financed at an annual interest rate of 13 using the add on method If Michael pays off the loan in 4 years he will pay 88 920 in interest If Michael decides instead to pay off the loan in 5 years how much more interest will he pay than if he paid off the loan in 4 years He will pay more in interest if he paid off the loan in 5 years Type an integer or a decimal CIE