- Anurag is buying a house for $100,000 and needs a mortgage loan. Bank A wants him to repay the loan in 240 months with monthly payment of $600.72. Bank B wants him to repay the loan in 360 months with a monthly payment of 389.94. Which bank should he choose? Explain.
- Kwane and Karen each deposited $2000 in saving accounts. Kwane's bank pays 3.1% simple interest. Karen bank's pays 2.7% interest compounded annually. Which account will earn more interest in 3 years? Show your work.
1 answer