Question

PLEASE HELP ASAP

Loan for Vehicle Loan APR Payment
#1 $20,000 for 66 months 2.17% $322
#2 $25,000 for 78 months 3.38% $357
#3 $30,000 for 84 months 4.35% $415
Which loan(s) would cost the borrower the least amount for the length of the loan?
A) Loan #1
B) Loan #3
C) Loan #2 and #3
D) Loan #1 and #3

Answer 1

Loan 1 ************* 322*66 = 21,252
Loan 2 ************* 357*78 = 27,846
Loan 3 ************* 415*84 = 34,860

Looking at the totals, Loan 1 costs the least.

Answer 2

Answer:

A) Loan #1 would cost the borrower the least amount for the length of the loan.

Step-by-step explanation:

Loan 1 is the best for the borrowe, it would cost the borrower the least amount for the length of the loan due to the low interest rate of 2.17% and low period of payment 66 months compare to others which are 3.38% in 78 months, and 4.35% in 84 months.