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At a local bank, the interest rate on a $3,500 personal loan with a 3-year term depends on a persons credit. A person with excellent credit would qualify for a 6% interest rate while a person with poor credit would qualify for a 20% interest rate. After repaying the loan, how much more interest would a person with poor credit pay compared to a person with excellent credit?

At a local bank, the interest rate on a $3,500 personal loan with a 3-year term depends on a persons credit. A person with excellent credit would qualify for a class=

Answer :

Answer:

$849.24

Step-by-step explanation:

The person with the 6% monthly interest would pay 106 a month, while the person with the 20% would pay 130.

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