Question

Part A Giulio is looking to take out a loan of $5,000 that he plans to pay back over the next 3 years. He has two options: • The first option includes a simple interest rate of 2.8%. • The second option

asked May 7, 2023 178k views

Part A Giulio is looking to take out a loan of $5,000 that he plans to pay back over the next 3 years. He has two options: • The first option includes a simple interest rate of 2.8%. • The second option includes an interest rate of 2.7% compounded monthly. Find the balance that Giulio would pay for each loan option. Type the correct answer in each box. Use numerals instead of words. If necessary, round to the nearest hundredt If Giulio chooses the first option with simple interest, he will pay a total of $ If he chooses the second option with the lower rate and compound interest, he will pay a total of $