Question 4 • 26-27 Ignite Technical Math-Financial Math - MA2007
The loan lasts 3 years, so Cheri makes 3 × 12 = 36 monthly payments. Her higher payment is $625.77 − $431.21 = $194.56 more each month. Over 36 months, that adds up to $194.56 × 36 = $7,004.16 in additional interest, so the correct choice is $7,004.16.
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