Question

You have decided to open a savings account and to purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. From the banks listed below, determine with which bank you should open a savings account and at which bank should you apply for your vehicle loan

Answer 1

We need to choose the Bank with the highest interest rate for the savings account, since:

`0.12>0.11>0.1`

We can conclude Bank A is the best option

Now, we need to choose the bank with a low interest rate for the vehicle loan, since:

`2.99<3.99<4.9`

We can conclude Bank A is the best option.

Answer:

Bank A for the savings account and Bank A for the car loan