Mathematics

Kolton

22 April, 15:54

Based on the details of each loan, which factor has the greatest impact on reducing the total repayment?

●Loan #1: $2,000, 3 years, at 10% → $64.53 monthly payment

●Loan #2: $2,000, 3 years, at 15% → $69.33 monthly payment

●Loan #3: $2,000, 5 years, at 10% → $42.49 monthly payment

A) longer loan period

B) lower interest rate

C) shorter loan period

D) higher interest rate