Peter wants to borrow $3,000. He has two payment plans to choose from. Plan a charges 4% interest over 6 years. Plan b charges 5

Question

2 years ago

5

Peter wants to borrow $3,000. He has two payment plans to choose from. Plan a charges 4% interest over 6 years. Plan b charges 5

% interest over 4 years. The formula mc024-1. Jpg can be used to calculate the monthly payment, m, where p is the principle amount borrowed, r is the interest rate expressed as a decimal, and t is the time of the loan, in years. Which statement best compares the plans?.

SAT

2 answers:

liberstina [14] · Answer 1 · 2023-02-22T06:28:31+03:00

liberstina [14]2 years ago

8 0

Answer:

B

Explanation:

Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.

algol [13] · Answer 2 · 2023-02-22T08:24:19+03:00

algol [13]2 years ago

6 0

Answer:

B. Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.

Explanation:

edg