Sue and Mary each have a $7000 loan with a 5% interest rate. Sue’s monthly payment is $161 with a loan term of 4 years, and Mary’s monthly payment is $113 with a loan term of 6 years. How much more in interest will Mary pay?
408. In this case, we can multiply the monthly payment by the number of months to get the total amount paid and subtract the difference of total paid. Mary = 113*(6*12) =8136 Sue = 161*(4*12) =7728 8136-7728 = 408.
