Ask Question
13 May, 14:57

Which of the following loans will have a higher total cost?

A loan for $5,000 at 3.5 percent over a loan period of four years.

A loan for $5,000 at 3.5 percent over a loan period of six years.

+3
Answers (1)
  1. 13 May, 15:11
    0
    The 6 year period will have a higher cost because it is two years longer than the other one. For a 6 year period it will cost $6146.28 whereas a 4 year period would cost $5737.62
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Which of the following loans will have a higher total cost? A loan for $5,000 at 3.5 percent over a loan period of four years. A loan for ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers