Hello I need help the the bonus question I am not sure if this is a monthly loan or a compound interest problem

Ugur Kumru asked Jan 20, 2023

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Ugur Kumru asked Jan 20, 2023

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18 votes

Given:

Amount = $12,500

Loan A = 6% annually for 5 years

Loan B = 5.34% annually for 6 years.

Let's find the loan deal which is better.

To find the better loan deal, we have:

• Loan A:

Apply the formula:

Lisha answered Jan 24, 2023

by Lisha

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