Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Jarvis is buying a boat that costs $6,000. He has $500 for a down payment. He is deciding between a 2-year loan and a 3-year loan. Use the rates in the table to determine how much money he will save if he chooses the 2-year loan instead of the 3-year loan. Round to the nearest cent.

 

Time (years) 

Simple Interest    
Rate (%)
1 1.5
2 2.25
3 3.0
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