08mirval59172
Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Beau will borrow $18,000 to pay for his first year of college at the University of Texas. Which loan option would allow Beau to pay the least amount of interest?

Sagot :

Answer:

A 4-year loan with a 3.5% annual simple interest rate

Step-by-step explanation:

Your information isn't complete but I'll give you a general overview of the answer.

In this case, the principal given is $18000.

The formula for Simple interest is calculated by using;

Simple Interest = PRT/100

where,

P = Principal

R = Rate

T = Time

For example, let's say the principal is $18000, the rate is 3.5% and, the time is 4 years. Then, the simple interest will be:

= PRT/100

= (18000 × 3.5 × 4) / 100

= $2520

Therefore, the Simple Interest is $2520. You'll then do the calculations for every figure given to know the cheapest.

Read related link on:

https://brainly.com/question/24916417

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.