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Nookie1986 [14]
3 years ago
9

HELP PLEASE! :) Lilith is remodeling her bathroom and needs an $8,700 loan to pay for the cost of the remodel. Which loan option

will have Lilith pay the most amount in interest? 30-month loan with a 5.75% interest rate compounded annually 30-month loan with a 5.75% annual simple interest rate 24-month loan with a 6.25% interest rate compounded annually 24-month loan with a 6.25% annual simple interest rate
Mathematics
1 answer:
Oxana [17]3 years ago
3 0

Answer:

Which loan option will have Lilith pay the most amount in interest

loan with a 5.75% annual simple interest rate 24-month loan with a 6.25% interest rate

Interest 3,750

Final payment 33,750

Step-by-step explanation:

1.-Interes rate compouned  

Loan 30,000

% 5.75%

Time( Years) 2.50

Interest 4,500

Final payment 34,500

2.-Simple interest  

Loan 30,000

% 5.75%

Time( Years) 2.50

Interest 4,313

Final payment 34,313

 

 

3.-Simple interest  

Loan 30,000

% 6.25%

Time( Years) 2.00

Interest 3,750

Final payment 33,750

 

4.-Interes rate compouned  

Loan 30,000

% 6.25%

Time( Years) 2.00

Interest 3,867

Final payment 33,867

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Using relations in a right triangle, it is found that:

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<h3>What are the relations in a right triangle?</h3>

The relations in a right triangle are given as follows:

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