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Sagot :
Answer:
$2,854.2
Step-by-step explanation:
For Sebastian
It took Sebastian 10 years to repay a loan of $30,000, paying $296.66 per month.
1 year = 12 months
10 years = x
Cross Multiply
x = 10 × 12 = 120 months
He pays $296.66 monthly
Hence, the total amount he paid in 10 years =
$296.66 × 120
= $35,599.2
The loan he took was $30,000.
Hence, the interest Sebastian paid on his loan = $35,599.2 - $30,000
= $5,599.2
For Jana
Jana paid off a loan for the same
amount at the same interest rate in 5 years by paying $545.75 per month.
1 year = 12 months
5 years = x
Cross Multiply
x = 10 × 5 = 60 months
He pays $545.75 monthly
Hence, the total amount he paid in 5 years =
$545.75 × 60
= $32,745
The loan she took was $30,000.
Hence, the interest Sebastian paid on his loan = $32,745 - $30,000
= $2,745
How much more did Sebastian pay in interest than Jana?
This is calculated as:
The interest Sebastian paid - The Interest Jana paid
= $5,599.2 - $2,745
= $2,854.2
Therefore, Sebastian paid $2,854.2 more than Jana
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