Peter wants to borrow $3,000. He has two payment plans to choose from. Plan A is 4% interest over 6 years. Plan B is 5% interest
over 4 years. Using the formula mc024-1.jpg for payment, m, which statement best compares the plans? Plan A has a monthly payment of about $23 less and a total interest charge of $120 less than plan B.
Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.
Plan A has a monthly payment of about $23 more and a total interest charge of $120 more than plan B.
Plan A has a monthly payment of about $23 more and a total interest charge of $120 less than plan B
