Question

Using an online loan calculator, determine the difference in the total cost of repaying a $2,500 easy access loan between the two payment options shown here.

Option 1: Repay the loan in 6 months with a 9% APR.
Option 2: Repay the loan in 9 months with a 12% APR.

$60.63

$126.66

$135.82

$66.03

Answer 1

The correct option is $66.03.