Judy needs to take out a personal loan for $2,500 for tuition assistance. Her bank has offered her one of the four loan packages outlined in the chart below. Determine which of the four loans will be cheapest for Judy in the long run. All interest rates are compounded monthly. Loan Duration (Months) Interest Rate
A 12 9.50%
B 24 8.75%
C 36 7.75%
D 48 6.60%
a. loan A
b. loan B
c. loan C
d. loan D
(Answers are lower case)
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