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Mark borrows $15,000 to buy a new car- His loan has an interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49- If instead his loan had an interest rate of 8%, how much more would he have paid in interest by the time he finished repaying his loan in 60 months?

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The time value of money is the widely accepted idea that there is greater benefit to receiving a sum of money now rather than an identical sum later.


Mark borrows $15,000 to buy a new car- His loan has an interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49- If instead his loan had an interest rate of 8%, how much more would he have paid in interest by the time he finished repaying his loan in 60 months?






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