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15 April, 12:58

Darnell is comparing three loan options to determine which one is best for his situation. Match each loan option with the correct description.

Loan Option Principal Amount Monthly Payment Loan Term

option R $14,000 $203.67 72 months

option S $15,000 $256.24 60 months

option T $16,000 $334.43 48 months

option R

option S

option T

This loan option has the lowest finance charge.

arrowRight

This loan option has the highest finance charge.

arrowRight

This loan option has neither the highest finance

charge nor the lowest monthly payment.

arrowRight

+4
Answers (1)
  1. 15 April, 14:52
    0
    Option T - Lowest

    Option R - Highest

    Option S - Neither

    Explanation:

    Option T $334.43 x 48 = $16,052.64 - - adding $52.64 in interest

    Option R $203.67 x 72 = $14,664.24 - - adding $664.24 in interest

    Option S $256.24 x 60 = $15,374.4 - - adding $374.4 in interest.

    T = $52.64 (Lowest)

    R = $664.24 (Highest)

    S = $374.4 (Middle)
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Home » Mathematics » Darnell is comparing three loan options to determine which one is best for his situation. Match each loan option with the correct description. Loan Option Principal Amount Monthly Payment Loan Term option R $14,000 $203.
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