You need a loan for $1000, and you can take this loan out with Company A or Company B. Company A charges an 8% interest rate and

Question

2 years ago

8

You need a loan for $1000, and you can take this loan out with Company A or Company B. Company A charges an 8% interest rate and

needs to be paid off in 5 years. Company B charges a 5% interest rate and needs to be paid off in 8 years. Which company should you get a loan from and why?

Mathematics

1 answer:

Wittaler [7] · Answer 1 · 2022-07-31T01:26:17+03:00

Wittaler [7]2 years ago

5 0

Answer: Company b

Step-by-step explanation:

because company B is only 5percent it is better and can pay in 8 years