Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

You have decided to both open a savings account and purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. You currently have a checking account at Bank A. From the banks listed below, determine with which bank you should open a savings account and at which bank you should apply for your vehicle loan.

\begin{tabular}{|c|c|c|c|}
\hline \multicolumn{2}{|c|}{Loan Rates} & \multicolumn{2}{|c|}{Savings Rates} \\
\hline Bank A & [tex]$5\%$[/tex] & Bank A & [tex]$0.13\%$[/tex] \\
\hline Bank B & [tex]$4.6\%$[/tex] & Bank B & [tex]$0.1\%$[/tex] \\
\hline Bank C & [tex]$5.1\%$[/tex] & Bank C & [tex]$0.11\%$[/tex] \\
\hline
\end{tabular}

a. Bank A for the car loan and Bank B for the savings account

b. Bank C for the car loan and Bank C for the savings account

c. Bank B for the car loan and Bank A for the savings account

d. Bank B for the car loan and Bank B for the savings account

Sagot :

GinnyAnswer
To determine the best options for both a savings account and a vehicle loan, we'll follow these steps:

1. Identify the Best Loan Rate:
- Bank A offers a loan rate of 5.0%.
- Bank B offers a loan rate of 4.6%.
- Bank C offers a loan rate of 5.1%.

Among these rates, the lowest loan rate is 4.6% offered by Bank B.

2. Identify the Best Savings Rate:
- Bank A offers a savings rate of 0.13%.
- Bank B offers a savings rate of 0.1%.
- Bank C offers a savings rate of 0.11%.

Among these rates, the highest savings rate is 0.13% offered by Bank A.

3. Conclusion:
- The best bank for the vehicle loan is Bank B, as it offers the lowest loan rate of 4.6%.
- The best bank for the savings account is Bank A, as it offers the highest savings rate of 0.13%.

Given these conclusions, the best choice matching these criteria from the provided options is:

c. Bank B for the car loan and Bank A for the savings account
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.