You take out two loans for school. The first loan is 15,000 dollars with 4% interest per year. The second loan is 20,000 dollars with 2.9% interest per year. Which loan is charging the most interest?
2 answers:
The first loan charges more with $600 . The second loan charges $580.
Answer:
<h2><em>The First Loan Charges More. </em></h2>
Step-by-step explanation:
<u>The First Loan: $600</u>
4%= 0.04
0.04 times 15,000 = 600 + $ = $600
<u>The Second Loan: $580</u>
2.9% = 0.029
0.029 times 20,000 = 580 + $ = $580
580 < 600
<h2>Hope this helped! </h2><h2>(Brainliest Please :3) </h2>
-- Juri Davis
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