Mathematics
Mathematics, 26.03.2021 17:30, Zachary4759

Lucas is borrowing money to purchase a vehicle. A car dealership will loan Lucas $18,000 with a simple interest rate of 14.5% applied annually, and a 5-year payout plan. The bank will loan Lucas $18,000 with a compound interest rate of 8.9% applied annually and a 4-year payout plan. What is the difference in the total payback amounts?

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Lucas is borrowing money to purchase a vehicle. A car dealership will loan Lucas $18,000 with a simp...

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