Mark borrows $15,000 to buy a new car. His loan has an interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49
If instead his loan had an interest rate of 8%, how much more would he have paid in interest by the time he finished repaying his loan in 60 months?
A) $225.00
B) $304.15
C) $639.60
D) $3,249.00
Answer: C
Business
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