Question

There are two options for borrowing $5,000 from a bank: Bank A = 3% simple interest for 5 years Bank B = 2.5% simple interest for 6 years Which is a better deal?

They are the same
Bank B
Bank A

Answer 1

the same

Explanation:

3*5=15

2.5*6=15

Answer 2

BANK A:
5,000*0.03*5=750
BANK B:
5,000*0.025*6=750

They are the same