Mathematics, 31.12.2019 02:31, wbrandi118

Ian has the choice of taking out a 25-year loan for $205,000 at 3.2% interest, compounded monthly, or the same loan at 20 years for a higher monthly payment. if he would pay a total of $93,077 in interest on the 25-year loan, how much in total would he pay in interest on the 20-year loan?

a. $93,077

b. less than $93,077

c. more than $93,077 but less than $205,000

d. $205,000

Answers: 3

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Ian has the choice of taking out a 25-year loan for $205,000 at 3.2% interest, compounded monthly, o...