Question

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

Answer 1

Answer:

the answer is B.

Step-by-step explanation:

Answer 2

The answer is B
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