solve real-world problems comparing how interest rate and loan length affect the cost of credit
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Q 1/2
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Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?
60
$3,000
$1,600
$4,600
$1,400
Q 2/2
Score 0
Clarissa needs a $2,500 loan in order to buy a car. Which loan option would allow her to pay the least amount of interest?
60
An 18-month loan with a 4.75% annual simple interest rate
A 24-month loan with a 4.25% annual simple interest rate
A 30-month loan with a 4.00% annual simple interest rate
A 36-month loan with a 4.50% annual simple interest rate
2 questions
Q.
Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?
1
60 sec
8.12.A: Personal Financial Literacy
Q.
Clarissa needs a $2,500 loan in order to buy a car. Which loan option would allow her to pay the least amount of interest?
