A loan of $5,000 at 8% for 2 years has a monthly payment of $226 and for 3 years the

A loan of $5,000 at 8% for 2 years has a monthly payment of $226 and for 3 years the monthly

payment would be $157. Which is the best estimate of the amount of interest you will save if you
take the loan for 2 years instead of 3 years?


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