Michael wants to buy some new exercise equipment for his home gym for ​$123,000 financed at an annual interest rate of 11​% using the​ add-on method. If Michael pays off the loan in 2 ​years, he will...


Michael wants to buy some new exercise equipment for his home gym for ​$123,000 financed at an annual interest rate of 11​% using the​ add-on method. If Michael pays off the loan in 2 ​years, he will pay ​$27,060 in interest. If Michael decides instead to pay off the loan in 3 ​years, how much more interest will he pay than if he paid off the loan in 2 ​years?




He will pay ​$___more in interest if he paid off the loan in 3 years.



Jun 10, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here