Answer:
D: Plan 4
Step-by-step explanation:
Mary is planning to buy a mobile phone that costs $500. She can choose any of five different payment plans with varying simple interest rates and periods:
plan 1: 6% for 10 months $53 Mo
plan 2: 8% for 12 months $45 Mo
plan 3: 10% for 14 months $39.29 Mo
plan 4: 12% for 18 months $31.11 Mo
plan 5: 14% for 12 months $47.50 Mo
Which plan offers the lowest monthly payments?
A. Plan 1
B. Plan 2
C. Plan 3
D. Plan 4 Correct
E. Plan 5
