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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.

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