Question

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

Answer 1

There should have been a savings in the interest amount taken out. When you have debt and apply for a loan your interest on the loans typically raises as your debt to income raises. If a customer would have just borrowed the full amount at one time, the savings of interest would have been worth the time saved as well.

Answer 2

He would have probably have saved time