You are offered two loans. The first loan has an APR of 4% and a principal of $25,000 , and the second loan has an APR of 3% and a principal of $30,000 . Which loan will have the lowest interest charged in the first year? Explain.(1 point)
Responses
The second loan will have the lower interest since it will charge $900
in interest the first year, while the first loan will charge $1000
in the first year.
The second loan will have the lower interest since it will charge 900 dollars in interest the first year, while the first loan will charge 1000 dollars in the first year.
The first loan will have the lower interest since it will charge $900
in interest the first year, while the second loan will charge $1000
in the first year.
The first loan will have the lower interest since it will charge 900 dollars in interest the first year, while the second loan will charge 1000 dollars in the first year.
The second loan will have the lower interest since it will charge $800
in interest the first year, while the first loan will charge $1200
in the first year.
The second loan will have the lower interest since it will charge 800 dollars in interest the first year, while the first loan will charge 1200 dollars in the first year.
The first loan will have the lower interest since it will charge $800
in interest the first year, while the second loan will charge $1200
in the first year.