Business, 12.12.2020 16:20 Nibiskadhungana

Use the following chart to explain how the interest rate affects the total cost of the loan. Loan Repayment Period
Loan 1 Loan 2
Principal
$5,000 $5,000
Interest Rate
6.47 percent 10.8 percent
Monthly Payment $98 $108
Loan Repayment Period five years five years
Total Cost of the Loan $5,866 $6,493

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Use the following chart to explain how the interest rate affects the total cost of the loan. Loan R...