2 years ago

Which loan will result in the least amount of interest paid?

1 answer:

3 0

The loan that would result in the least interest amount paid is $10,000 at 2 percent simple interest for four years.

<h3>What is simple interest and compound interest?</h3>

Simple interest rate is the interest that is paid only on the principal portion of a loan. This means that the debtor does not pays interest on the interest rate already accrued. This differs from compound interest where the debt holder pays interest on the principal and the interest rate already accrued.

As a result, the interest paid when the loan has a simple interest would be lower than if interest was compounded.

To learn more about compound interest, please check: brainly.com/question/26367706

You might be interested in

Please help!!!!!!!!!!!!!!!!!!!!!

Rasek [7]

In 1929 during the Great Depression, unemployment was around 3%

Or

The stock market during the Great Depression lost almost 90% of its value due to the unemployment

3 0

3 years ago

Which of the following bwst describes the phoenicians

Arada [10]

What are the opptions

4 0

3 years ago

Read 2 more answers

Which was the first state to allow women to divorce their husbands if they had an alcohol problem?

trasher [3.6K]

Indiana was the first state.

6 0

3 years ago

Which of the following words is NOT the name of a landform? PLEASE HELP!!!

weqwewe [10]

I’m pretty sure all of those are landforms

4 0

3 years ago

Read 2 more answers

How did involvement with Europeans in the Great Lakes region change how American Indians there lived?

ANTONII [103]

<span>Europeans in the Great Lakes region settled and put in place their own customs, religion, and culture. The American Indians there had to adapt to this.</span>

4 0

3 years ago