Mathematics, 14.01.2021 21:40 chakairarodney8407

5. David has a credit rating of 750. Ethan has a credit rating of 630. David and Ethan apply for identical loans from First Bank. David is approved for a loan at 4.2% interest and Ethan is approved for a loan that charged 2
percentage points higher because of his inferior credit rating.
a. What interest rate is Ethan charged?
b. If you consider that David and Ethan took out loans for $6,000 to be paid back over 4 years, how much will
each end up paying in interest?

Answers: 2

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5. David has a credit rating of 750. Ethan has a credit rating of 630. David and Ethan apply for ide...