mildredklong mildredklong

08-12-2020
Mathematics

contestada

Consider the following two loans for P0=$20,000.

Loan A: 10 year loan, annual interest rate of 15%, monthly repayments of $322.67.
Loan B: 8 year loan, annual interest rate of 12%, monthly repayments of $325.06.
On which loan will you pay the least interest?

Respuesta :

ldeleon1503 ldeleon1503

08-12-2020

Loan B has the lower interest rate 12%.

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