SOLUTION: karl is buying a new car. At bank A, a car loan will cost him 11.5%. At bank B, it will cost 12.25%. If he borrows $8,000, how much will he save if he borrows from bank A?

Question 513648: karl is buying a new car. At bank A, a car loan will cost him 11.5%. At bank B, it will cost 12.25%. If he borrows $8,000, how much will he save if he borrows from bank A?
Answer by Maths68(1474) (Show Source): You can put this solution on YOUR website!
Difference in %age =12.25-11.5=0.75%
0.75% of $8,000 = (.75*8000)/100=60
He will save $60
Another way to solve this problem
12.25% of 8000 = (12.25*8000)/100=980
11.50% of 8000 = (11.5*8000)/100=920
At bank B he will have to pay extra = 980
At bank A he will have to pay extra = 920
if he borrows money from Bank A he will save = 980-920=$60
RELATED QUESTIONS
James wants to buy a flat screen television for his new apartment. He has saved $700, but (answered by mathmate)

1.Marina had an accident with her car and the repair bill came to $800. She didn�t have... (answered by ikleyn)

An automolbile buyer is trying to decide whether to buy a new car and finance it for 5... (answered by mananth)

Do appreciate your assistance for me to understand Q1. A company is selling product... (answered by dafi79)

Brianna is buying a new car cost him $16,500. She can put $3,000 down and pay $500 per... (answered by addingup)

You must decide whether to buy a new car for $20,000 or less the same car over a... (answered by Theo)

Dist. of Columbia Capital LLC borrows $65,200 from a bank at 5.02% compounded... (answered by Boreal)

Danny parks his car at a parking lot for a flat fee of $2.00 plus $0.25 per hour that his (answered by Boreal)

I AM SO LOST!!! Presvent value... future value... I am confused. Here is the problem:... (answered by jim_thompson5910)