asked 6.4k views
4 votes
PLEASE HELPPPPP!! Eddy needs a $3,000 loan in order to buy a car. Which loan option would allow him to pay the LEAST amount of interest?

A) An 18-month loan with a 5.00% annual simple interest rate.
B) A 24-month loan with a 4.75% annual simple interest rate.
C) A 30-month loan with a 4.25% annual simple interest rate.
D) A 36-month loan with a 4.00% annual simple interest rate

asked
User Sandi
by
8.3k points

2 Answers

5 votes
That’s answer is A and An 18 month load with 5.00% annual simple........
answered
User Rosalva
by
8.2k points
2 votes

Answer: A

Explanation:

The shorter the loan tenor, the lower the interest

answered
User Edward Olamisan
by
8.1k points
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