Diane is deciding between two personal loans.For each loan, the loan amount is $7500.Use the ALEKS loan calculator for the following.Also use the regular ALEKS calculator, as necessary.Write your answers to the nearest cent.ALEKS Loan CalculatorLoan amount: $Loan term:Interest rate:Calculateyears%Monthly payment:(a) For Loan A, the interest rate is 6.15% per yearand the loan term is 7 years. Find the totalamount to repay Loan A.S(b) For Loan B, the interest rate is 6.15% per yearand the loan term is 5 years. Find the totalamount to repay Loan B.(c) For which loan would she pay less, and by howmuch?Loan AThe total amount paid is $ less.Loan BThe total amount paid is $less.XĽ

Information Provided: Loan amount = $7500 Loan A & B rate = 6.15% Loan A Period = 7 years Loan…

(a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. $0 (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. $0 (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $less. O Loan B The total amount paid is $less.

(a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. $0 (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. $0 (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $less. O Loan B The total amount paid is $less.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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