Lamar is considering two loans.
Loan A Loan B
Principal $4,500 $4,300
Interest rate 5%...
Mathematics, 08.10.2020 01:01 sierraaasifuent
Lamar is considering two loans.
Loan A Loan B
Principal $4,500 $4,300
Interest rate 5% 6%
Time in years 3 3
Which loan will have the lowest total payback?
A. Loan A will have the lowest total payback because the amount of interest paid is less than the amount of interest paid for loan B.
B. Loan A will have the lowest total payback because the total of the principal and the interest paid for loan A is less than the same total for loan B.
C. Loan B will have the lowest total payback because the interest is less than the interest for loan A.
D. Loan B will have the lowest total payback because the total of the principal and the interest paid for loan B is less than the same total for loan A.
Answers: 3
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