1. mr. james is going to buy a car for $12,000. he can finance with the car dealer for 3 years at 12%
or he can borrow the money at the bank for 3 years at 8%. the monthly payment for the 12% loan
will be $399 and the monthly payment for the 8% loan will be $376. which best represents the
difference in the interest in 12% for 3 years or 8% for 3 years?
a $900
c $1,205
b $828
d $523