Brenda and Eddie both borrow $55,000 for 15 years. Brenda’s interest rate is 3.4%, while Eddie’s...
Brenda and Eddie both borrow $55,000 for 15 years. Brenda’s interest rate is 3.4%, while Eddie’s is 4.5%. How much more will Eddie pay in total interest over the 15 year loan than Brenda if they both make annual payments?
A) $4,269 B) $5,697 C) $5,130 D) $3,851 E) $4,115
Homework Answers
![Loan of Brenda: Annual payment = pmt = Amount = [(1-(1/(1+rn}}}/r] 55,000 = [((1-(1/(1.034415)}}/0.0345] $4,741.48 Total inte](http://img.homeworklib.com/questions/6753c260-7232-11ea-a316-6fc689902d03.png?x-oss-process=image/resize,w_560)
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