Difference in the monthly payments for loans, Financial Accounting

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Difference in the monthly payments for loans

Response to the following problem:

The truck in Problem is to be purchased with a forty-eight-month loan with an annual percentage rate of 11%. What is the difference in the monthly payments for the forty-eight-month and sixty-month loans? How much does using a forty-eight-month loan save in interest?

Problem :

Determine the monthly payment for a sixty-month truck loan with an annual percentage rate of 11% and an initial principal of $17,000. How much interest is paid over the life of the loan?

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Financial Accounting: Difference in the monthly payments for loans

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Financial Accounting: Difference in the monthly payments for loans

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