Option 1: $4000 at 3% interest for 6 years

Option 2: $4000 at 8% interest for 5 years

Option 3: $4000 at 4% interest for 4 years

Option 4: $4000 at 8% interest for 3 years

Which is the best option where you would pay back the loan with the least expenditure?

Question

Alexander Howe

28 February, 08:01

+1

Answers (1)

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Nora Ferguson · Answer 1

Option 2 would have the least expenditure.

Option 1: $4000 at 3% interest for 6 yearsOption 2: $4000 at 8% interest for 5 yearsOption 3: $4000 at 4% interest for 4 yearsOption 4: $4000 at 8% interest for 3 yearsWhich is the best option where you would pay back the loan with the least expenditure?