a store is offering 2 fixed installment loan options for purchases over $3000. option 1: 20% down payment and financing

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answerhappygod
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a store is offering 2 fixed installment loan options for purchases over $3000. option 1: 20% down payment and financing

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a store is offering 2 fixed installment loan options forpurchases over $3000.
option 1: 20% down payment and financing at 6% simple interestper year for 3 years.
option 2: no down payment and financing at 6.35% simple interestfor 4 years. if your purchase amounts to $4400
a. which option will result in a smaller total finance charge?what will that total finance charge be?
b. which option will result in a smaller monthly payment? whatwill that monthly payment be?
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