A customer borrowed $2000 and then a further $1000 both repayble in 12 months. What would he have saved if he had taken out one

Question

Romashka-Z-Leto [24]

2 years ago

11

A customer borrowed $2000 and then a further $1000 both repayble in 12 months. What would he have saved if he had taken out one

loan for $3000 repayable in 12 months?

Mathematics

1 answer:

RSB [31] · Answer 1 · 2022-06-01T11:53:10+03:00

A customer borrowed $2000 and then a further $1000 both repayble in 12 months. What would he have saved if he had taken out one loan for $3000 repayable in 12 months?

He took two different loans, it charged him loan processing fee twice, two-time documentation process, and of course, extra time spent for second loan. Instead, he could take single loan of $3000 with one-time processing fee, one-time documentation process, and time-saving also.