Question

Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest rate of 9% for 6 years. Bank B will lend her the money at 11% for 4 years. Which bank would charge Michelle the least amount of interest? Explain.

Answer 1

Michelle needs to calculate the interest for the length of each loan. Bank A will charge $2430 in interest and Bank B will charge $1980 in interest. She will save by borrowing from Bank B.

Explanation:

this is the simple reponse