you are looking to borrow $60,000 for college and are researching available loan options online. you narrow your choices to 2 of

Question

3 years ago

11

you are looking to borrow $60,000 for college and are researching available loan options online. you narrow your choices to 2 of

fers. the first comes from a bank offering you 8.1% annual simple interest with no money down while the second comes from a bank that offers you a 6.65% annual interest rate with a 10% down payment. both banks require the loan to be repaid in 10 years. what is the cost of each loan?

Mathematics

1 answer:

Lunna [17] · Answer 1 · 2022-03-13T04:04:29+03:00

Lunna [17]3 years ago

8 0

60000(0.081)10+60000=$108600

60000(.1)+60000(.0665)(10)+60000=$105900