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.

(1 point)

$135.82

$126.66

$60.63

$66.03

Answer 1

Using an online loan calculator, I determined that the difference in the total cost of repaying a $2,500 easy access loan between the two payment options is $135.82.