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30 June, 01:22

25. Belle had the choice of taking out a 4-year car loan at

8.5% simple interest or a 5-year car loan at 7.75%

simple interest. If she borrows $15,000, how much

interest would she pay for each loan? Which option

will require less interest?

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Answers (1)
  1. 30 June, 01:51
    0
    the first loan is cheaper

    Step-by-step explanation:

    convert percent values to decimals

    8.5/100=.085

    7.75/100=.0775

    find the value for the first loan

    1550*.085*4=527

    find the value for the first loan

    1550*.0775*5=600.625

    compare
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