Joan wants to get a $1,000 loan from her bank. She finds out That the current interest rate is 17%. If Joan came to you for advice, would you tell her to get a bank loan or not to get the bank loan? Include a reason for your answer in your response to Joan.

Question

Jamal Olson

Mathematics

14 March, 01:55

Joan wants to get a $1,000 loan from her bank. She finds out That the current interest rate is 17%. If Joan came to you for advice, would you tell her to get a bank loan or not to get the bank loan? Include a reason for your answer in your response to Joan.

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Lilian Mclean · Answer 1

I would tell her not to because not only does she have to pay back the 1000 but now she also has to pay back the interest on it. She should just wait or save up until she has 1000 that way she dont gotta pay extra.