Question

PLEASE HELPPPPP!! Eddy needs a $3,000 loan in order to buy a car. Which loan option would allow him to pay the LEAST amount of interest?

A) An 18-month loan with a 5.00% annual simple interest rate.
B) A 24-month loan with a 4.75% annual simple interest rate.
C) A 30-month loan with a 4.25% annual simple interest rate.
D) A 36-month loan with a 4.00% annual simple interest rate

Answer 1

That’s answer is A and An 18 month load with 5.00% annual simple........

Answer 2

Answer: A

Explanation:

The shorter the loan tenor, the lower the interest