Mark Borrows $15,000 to Buy a New Car

Multiple Choice

Mark borrows $15,000 to buy a new car.His loan has an interest rate of 6.5%,compounded monthly,and his monthly payment is $293.49.If instead his loan had an interest rate of 8%,how much more would he have paid in interest by the time he finished repaying his loan in 60 months?

A) $225.00
B) $304.15
C) $639.60
D) $3,249.00