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

Hello I need help the the bonus question I am not sure if this is a monthly loan or-example-1
User Timogavk
by
7.2k points

1 Answer

1 vote

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:


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User VvMINOvv
by
7.1k points
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