Ben is a college student who needs to spend $600 on books. His bank offers a loan for students purchasing books, which has a monthly simple interest rate of
two percent which needs to be fully paid back in six months. How much would
Ben pay in total for his books once he repaid the loan?
Ben's other option is to buy the books using his credit card, which has an annual
simple interest rate of 15 percent and if he only paid the minimum on his card
would take five years to repay. How much would Ben pay in total for his books if
he chose this option?