Question
please show detail working Question 5 : LOAN RATE OF INTEREST John has been shopping for a loan to finance the purchase of a car.
please show detail working
Question 5 :
LOAN RATE OF INTEREST
John has been shopping for a loan to finance the purchase of a car. He has found three possibilities that seem attractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three 5 000 loans is shown in the table below.
| Loan | Principal | Annual payment | Term (year) |
| A | 5 000 | $1 352.81 | 5 |
| B | 5 000 | $1 543.21 | 4 |
| C | 5 000 | $2 010.45 | 3 |
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Determine the interest associated with each of the loans
Which loan should John take?
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Trade And Development Report 2020 From Global Pandemic To Prosperity For All Avoiding Another Lost Decade
Authors: United Nations Publications
1st Edition
9211129923,9210052692
