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Mike will loan you $3,000 for 3 years if you will pay him back $3,550 in 3 years. Larry will loan you $5,000 for 5
Mike will loan you $3,000 for 3 years if you will pay him back $3,550 in 3 years. Larry will loan you $5,000 for 5 years if you will pay him back $6,450 in 5 years. You would chose the loan from ___ because _____.
Mike; his interest rate of 5.21% is lower than Larry's 5.55% | ||
Larry; his interest rate of 5.77 is lower than Mike's 6.01% | ||
Mike; his interest rate of 5.01% is lower than Larry's 5.35% | ||
Larry; his interest rate of 5.55% is lower than Mike's 5.77% |
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