Posted by **MathHelp** on Tuesday, October 4, 2011 at 11:43pm.

A person wishes to borrow $20,000 and has the following options. One lending source offers the loan for 24 monthly payments at an annual percentage rate of 14%. The second source offers the loan for 18 monthly payments at an annual percentage rate of 16% which of these two payment schedules has the lower monthly payment

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