Option 1: $4000 at 3% interest for 6 years Option 2: $4000 at 8% interest for 5 years Option 3: $4000 at 4% interest for 4 years

Question

2 years ago

9

Option 1: $4000 at 3% interest for 6 years Option 2: $4000 at 8% interest for 5 years Option 3: $4000 at 4% interest for 4 years

Option 4: $4000 at 8% interest for 3 years Which is the best option where you would pay back the loan with the least expenditure? A) Option 1 B) Option 2 C) Option 3 D) Option 4

Mathematics

2 answers:

bixtya [17] · Answer 1 · 2022-07-15T07:05:00+03:00

bixtya [17]2 years ago

8 0

The answer is C)option 3

Roman55 [17] · Answer 2 · 2022-07-15T06:04:03+03:00

Roman55 [17]2 years ago

3 0

Option 1: 720
Option 2: 1,600
Option 3: 640
Option 4: 960

The formula for interest is this:
amount • percentage (in decimal form) • time