Mathematics, 26.11.2020 05:20 toolazytobehuman

Aaron has $4,500 saved to pay for an ATV that costs $7,500. Cathy will take out a loan for $4,300 using her credit card. The table gives the monthly payment and interest rates on different tenures of loans. How much more will Cathy pay in interest on a 36-month loan than on a 24-month loan? Use a problem-solving model to solve.
Loan Term (months) Annual Interest Rate (%) Monthly Payment ($) 18 7.25 252.83
24 7.75 193.99
30 8.25 159.11
36 8.75 136.24

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Aaron has $4,500 saved to pay for an ATV that costs $7,500. Cathy will take out a loan for $4,300 u...