Melissa wants to buy a living room set that cost $1800. She could get a 3-year personal loan from a bank at a simple interest rate of 8.7%. She could also get a 3-year loan from a finance company that charges 8.5% compounded annually. Which answer correctly compares the total cost of the loan with simple interest and the loan with compound interest?
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Melissa wants to buy a living room set that cost $1800. She could get a 3-year personal loan from a bank at a simple interest rate of 8.7%. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Business » Melissa wants to buy a living room set that cost $1800. She could get a 3-year personal loan from a bank at a simple interest rate of 8.7%. She could also get a 3-year loan from a finance company that charges 8.5% compounded annually.