Which of the following two loans is the better option? Why?
Simple Interest Loan - principal P = $5000; time t = 5 years; interest rate r = 6%
Compound Interest Loan - principal P = $5000; time t = 2 1/2 years; interest rate r = 5%
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Home » Mathematics » Which of the following two loans is the better option? Why? Simple Interest Loan - principal P = $5000; time t = 5 years; interest rate r = 6% Compound Interest Loan - principal P = $5000; time t = 2 1/2 years; interest rate r = 5%