consider the two payment plans as shown here for an 18,000 auto loan Determine which plan has a lower cost of credit find the lower credit cost
To determine which payment plan has a lower cost of credit, we need to compare the total amount paid for each plan.
Plan 1:
Loan Amount: $18,000
Payment term: Not provided
Interest rate: Not provided
Plan 2:
Loan Amount: $18,000
Payment term: Not provided
Interest rate: Not provided
Without the interest rate and payment term for each plan, it is not possible to compare which plan has the lower cost of credit. The interest rate and payment term are essential factors in determining the total amount paid for a loan.