Question

A bank offers loans with simple interest rates for those who qualify. If the principal is the same for each, which two plans charge the least interest?

A.Plan A: a 20% interest rate to be paid off in 5 years
B.Plan B: a 10% interest rate to be paid off in 8 years
C.Plan C: a 5% interest rate to be paid off in 15 years
D.Plan D: a 25% interest rate to be paid off in 18 months.

Answer 1

I’m pretty sure it’s plan A because the rest of them are either too much because if you multiply the percentage by the years and divide by 100 plan A is the least.

Answer 2

20is going to be the answer