Question 7 (1 point)
A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?
Question 7 options:
A 4‑year loan with a 5.2% annual simple interest rate
A 5‑year loan with a 4.2% annual simple interest rate
A 6‑year loan with a 4.7% annual simple interest rate
A 3‑year loan with an 8.4% annual simple interest rate
1 answer
Option B: A 5-year loan with a 4.2% annual simple interest rate.
1 answer