Suppose that you decide to borrow 15 000 for a new car You

Last updated: 10/12/2023

Suppose that you decide to borrow 15 000 for a new car You can select one of the following loans each requiring regular monthly payments Installment Loan A three year loan at 5 5 Installment Loan B five year loan at 4 8 Use PMT LIC nt to complete parts a through c below The monthly payment for Loan A is Do not round until the final answer Then round to the nearest cent as needed The total interest for Loan A is Round to the nearest cent as needed b Find the monthly payments and the total interest for Loan B The monthly payment for Loan B is Do not round until the final answer Then ound to the nearest cent as needed 43 The total interest for Loan B is Round to the nearest cent as needed c Compare the monthly payments and the total interest for the two loans Determine which loan is more economical Choose the correct answer below A The five year loan at 4 8 is more economical B The three year loan at 5 5 is more economical The buyer will save approximately S in interest Round to the nearest cent as needed