To determine which loan is a better deal, we need to compare the various factors provided for Loan A and Loan B.
1. Interest Rate: Both Loan A and Loan B have the same interest rate of 7.45%, so they are equal in terms of interest charges.
2. APR (Annual Percentage Rate): Loan A has an APR of 7.7% while Loan B has an APR of 7.5%. The lower the APR, the better the deal. Therefore, Loan B has a better APR.
3. Loan Term: Loan A has a term of 5 years while Loan B has a term of 3 years. A shorter loan term generally means less total interest paid over the life of the loan. Therefore, Loan B has a better loan term.
4. Grace Period: Loan A has a grace period of 45 days, while Loan B has a grace period of 30 days. A longer grace period allows for more time to make payments without incurring penalties. Therefore, Loan A has a better grace period.
Considering all the factors, Loan B with an APR of 7.5% and a shorter loan term of 3 years seems to be a slightly better deal compared to Loan A. However, it's essential to evaluate other terms and fees associated with each loan before making a final decision.