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How much interest would have saved

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Reference no: EM132672006

Loan Interest.

Problem 1: Sharon is considering the purchase of a car. After making the down? payment, she will finance ?$18,110. Sharon is offered three maturities. On a? four-year loan, Sharon will pay ?$433.67 per month. On a? five-year loan,? Sharon's monthly payments will be ?$358.60. On a? six-year loan, they will be ?308.76$. Sharon rejects the? four-year loan, as it is not within her budget.? So, Sharon would pay ?3,406.00$ in interest over the life of the? five-year loan. On the? six-year loan, Sharon would pay ?$4,120.72 in interest. If Sharon had been able to afford the? four-year loan, how much interest would she have saved compared to the? five-year loan?

Reference no: EM132672006

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