You want to borrow $2,000. You can get 3-year loan with a 15% simple interest rate or a 5-year loan with a 10% simple interest rate. Which l

Question

You want to borrow $2,000. You can get 3-year loan with a 15% simple interest rate or a 5-year loan with a 10% simple interest rate. Which loan costs less?

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Serenity 2 weeks 2022-01-01T16:08:45+00:00 1 Answer 0 views 0

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    2022-01-01T16:09:59+00:00

    Answer:

    3-years loan

    Step-by-step explanation:

    3 years:

    P = $2000

    R = 15%

    t = 3 years

    A = P ( 1 + R/100 ) t

    = $2000 ( 1 + 0.15 )³

    = $3041.75

    5 years:

    P = $2000

    R = 10%

    t = 5 years

    A = P ( 1 + R/100 ) t

    = $2000 ( 1 + 0.10 )5

    = $3221.02

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