A customer will be financing $25,000 for a new boat. Four different loan options are listed below. All loans are simple interest loans.
Option Interest Rate Length of Loan
Option 1 4.59% 4 years
Option 2 3.75% 6 years
Option 3 4.25% 5 years
Option 4 5.0% 3 years
Which options charge the most and the least amount in interest?
