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

Q: down payment     $  mortgage     $

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