Samson wants to borrow $2000 for the next 3 years. Which bank will cost him the least in interest and fees?
Bank A: interest charged at 9% per year compounded yearly and an application fee of $100.
Bank B: interest charged at 10% per year compounded yearly and no application fee.
Bank C: interest charged at 8% per year compounded yearly and an application fee of $120.
Bank D: interest charged at 6% per year compounded yearly and an application fee of $150.
1 answer
The bank that will cost Samson the least in interest and fees is Bank D, with interest charged at 6% per year compounded yearly and an application fee of $150.
1 answer