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.
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here