You are borrowing $26,000 to buy a car. You have a choice of a 36 month...

You are borrowing $26,000 to buy a car. You have a choice of a 36 month loan at an annual interest rate of 4.1 percent or a 60 month loan where the annual interest rate is 0.5 percent higher. If you select the 60 month loan instead of the 36 month loan, how much more total dollars of interest will you pay over the life of the loan?

Expert Solution

jeff jeffy answered 4 months ago

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