Determine How Much Faster Monthly Payments of $248

question 215

Multiple Choice

Determine how much faster monthly payments of $248.69 will accumulate to $10,000 if interest is at 7.2% compounded monthly, compared to monthly payments of $182.61 at 6.6% interest compounded monthly.

• A) 6 months
• B) 8 months
• C) 10 months
• D) 12 months
• E) 14 months

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