Loan Interest. Sharon is considering the purchase of a car. After making the down payment, she will finance $12,330. Sharon is offered three maturities. On a four-year loan, Sharon will pay $295.26 per month. On a five-year loan, Sharon's monthly payments will be $244.15. On a six-year loan, they will be $210.21. Sharon rejects the four-year loan, as it is not within her budget. So, Sharon would pay $2,319.00 in interest over the life of the five-year loan. On the six-year loan, Sharon would pay $2,805.12 in interest. If Sharon had been able to afford the four-year loan, how much interest would she have saved compared to the five-year loan?
The interest Sharon would have paid on the four-year loan is: $ (round to nearest cent.)
If Sharon had been able to afford the four-year loan, the amount of interest she would have saved compared to the five-year loan is: $ (round to nearest cent.)