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Sagot :
Antonio’s total lifetime cost will be $11680.99 after calculating all loans
What will be Antonio’s total lifetime cost?
Given that
Loan Amount ($)
5,894$
5,258$
Interest Rate (%)
6.9%
7.5%
Now for the loan amount 5,894$ at 6.9% interest, the amount will be
[tex]A=P(1+\dfrac{r}{h} )^{n\times t}[/tex]
[tex]A=5894(1+\dfrac{0.069}{12} )^{12\times 10}[/tex]
[tex]A=5894\times(1.00575)x^{120} =11727.76[/tex]
Now for the loan amount 5.258$ at 7.5% interest, the amount will be
[tex]A=5258(1+\dfrac{0.075}{12} )^{12\times 10}[/tex]
[tex]A=5258\times2.1120=111105.23[/tex]
So the total lifetime cost will be
[tex]=11727.76-5894+111105.23-5258=11680.99[/tex]
Thus Antonio’s total lifetime cost will be $11680.99 after calculating all loans
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