Which has a higher cost of credit, a $6,000.00 loan for 3 years at 29.4% interest or a $12,000.00 loan for 3 years at 14.7% interest? The cost of credit is the amount that a person pays over and above the amount borrowed.
A: The $6,000.00 loan at 29.4% interest
B: The $12,000.00 loan at 14.7% interest
C : The $18,000.00 at 28.16% interest
D : The $24,000.00 at 12.24% interest