Kay has decided to take out a $23,100 loan, and she wants to pay it back in quarterly installments. she has narrowed her options down to two banks. bank v offers a six-year loan with an interest rate of 4.6%, compounded quarterly, and has a service charge of $822.45. bank w offers an eight-year loan with an interest rate of 3.9%, compounded quarterly, and a service charge of $722.25. which loan will have the greater total finance charge, and how much greater will it be? round all dollar values to the nearest cent.
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Kay has decided to take out a $23,100 loan, and she wants to pay it back in quarterly installments....
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