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3 years ago

PLEASE ANSWER ASAP

Mathematics

2 answers:

Grace [21]3 years ago

8 0

Answer:

If keri choose 3 year loan it would be advantage as 3 year loan is cheaper than 5 year loan.

Step-by-step explanation:

The formula "m = 12,000 + 12,000rt"

r = where "r" is the annual interest rate

t = "t" is the length of the loan, in years.

12t gives Keri's monthly loan payment,

3 year loan interest = 2.49

$\text { 1 year loan interest }=\frac{2.49}{3}$

"1 year" loan interest = 0.83%

"5 year" loan interest = 5.37%

$1 \text { year loan interest }=\frac{5.37}{5}$

1 year loan interest = 1.074%

Advantages on 3 year loan:

The "3 year" loan is cheaper overall.
The "3 year" loan’s monthly payment would be lower.

Disadvantage on 5 year loan:

The "5 year" loan’s monthly payment would be higher.

The "5 year" loan, is more expensive overall.

Mkey [24]3 years ago

7 0

Answer:

The 3-year loan is cheaper overall.

The 3-year loan’s monthly payment would be higher.

The 5-year loan, is more expensive overall.

The 5-year loan’s monthly payment would be lower.

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