Suppose that you decide to borrow 17 000 for a new car You

Last updated: 9/18/2023

Suppose that you decide to borrow 17 000 for a new car You can select one of the following loans each requiring regular monthly paymen Installment Loan A three year loan at 5 1 Installment Loan B five year loan at 4 8 PA Use PMT to complete parts a through c below The total interest for Loan B is 2155 6 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 three year loan at 5 1 is more economical B The five year loan at 4 8 is more economical The buyer will save approximately in interest