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Which of the following two loans is the better option? Why? Simple Interest Loan - principal P = $5000; time t = 5 years; interest rate r = 6% Compound Interest Loan - principal…

Which of the following two loans is the better option? Why? Simple Interest Loan - principal P = $5000; time t = 5 years; interest rate r = 6% Compound Interest Loan - principal…
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Which of the following two loans is the better option? Why?

Simple Interest Loan - principal P = $5000; time t = 5 years; interest rate r = 6%

Compound Interest Loan - principal P = $5000; time t = 2 1/2 years; interest rate r = 5%

User Ajdin
by
7.7k points

1 Answer

2 votes

Answer: si = 1500 ci =1250

Explanation:

User Toothless Seer
by
7.9k points
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