lexigereaux lexigereaux

16-03-2017
Mathematics

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Use the tables below to answer the following question. Which loan will cost the least to repay? Imported Asset Loan A $15,000 6.9% 5 years Loan B $15,500 7.9% 3 years

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Aliwohaish12 Aliwohaish12

16-03-2017

Loan A
A=15,000×(1+0.069)^(5)
A=20,940.15
Loan B
A=15,500×(1+0.079)^(3)
A=19,471.35
So the answer loan B

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