jasminestringer
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can somebody please give me a step by step formula to help explain this question to a high school student!
3. Tony borrows $16 000 as a personal loan. He has a choice of two options:
Loan X: At 9% p.a. flat rate interest over 6 years to be repaid at $245 per month.
Loan Y: At 7.5% p.a. reducible interest over 5 years to be repaid at $320 per month
3. Tony borrows $16 000 as a personal loan. He has a choice of two options:
Loan X: At 9% p.a. flat rate interest over 6 years to be repaid at $245 per month.
Loan Y: At 7.5% p.a. reducible interest over 5 years to be repaid at $320 per month