Repaying Loans?

Question

Dustin is taking out a loan for $2000 and wants to know how much money he will save by taking a 2 year loan at 14% interest instead of 20% interest. 

1. What is the total repayment for the 20% loan?

2. What is the total repayment for the 14% loan?

My teacher gave me steps to do this and one of the steps saids to use an online calculator to find the monthly payment, but I don't know how to find it. Please explain. 

Answer 1

Celeste,

 

I have a file posted on WyzAnt called "Annuities" which can help with this problem. You might find this helpful.

 

Let me know if this helps you or if you need further hints on how to find the answer.