How much more interest is paid

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Reference no: EM131999727

1. Heidi needs $16,000 in 4 years to buy a car. To save this money, she decides to make monthly deposits into an account paying 6% compounded monthly. How much will her deposits need to be?

2. On a $375,000 home loan, you can either finance at 5.6% for 20 or 30 years. Find the monthly payment and the total paid over each loan. Which loan do you pay more interest on. How much more interest is paid? Are you shocked at the difference?

Reference no: EM131999727

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