To pay for a home improvement project that totals $16,000, Genesis is choosing between taking out a simple interest bank loan at 8% for 3 years or paying with a credit card that compounds monthly at an annual rate of 15% for 7 years. Which plan would give Genesis the lowest monthly payment?

A) The monthly credit card payment would be $511.11, which is lower than the monthly payment on the bank loan.
B) The monthly payment on a bank loan would be $480, which is lower than the monthly credit card payment.
C) The monthly payment on a bank loan would be $551.11, which is lower than the monthly credit card payment.
D) The monthly credit card payment would be $540.78, which is lower than the monthly payment on the bank loan.

Any explanation would be greatly appreciated as well! <3

Question

07-11-2022
Mathematics

Answered

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To pay for a home improvement project that totals $16,000, Genesis is choosing between taking out a simple interest bank loan at 8% for 3 years or paying with a credit card that compounds monthly at an annual rate of 15% for 7 years. Which plan would give Genesis the lowest monthly payment?

A) The monthly credit card payment would be $511.11, which is lower than the monthly payment on the bank loan.
B) The monthly payment on a bank loan would be $480, which is lower than the monthly credit card payment.
C) The monthly payment on a bank loan would be $551.11, which is lower than the monthly credit card payment.
D) The monthly credit card payment would be $540.78, which is lower than the monthly payment on the bank loan.

Any explanation would be greatly appreciated as well! <3

Sagot :

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