You are in a desperate need of $15,000 and looking into options to receive a loan. Option1: You can turn to your cousin and borrow $15,000 today. You agree to pay back $17,500 in 3 years. Option 2: You could borrow $15,000 from your credit union that is charging 6.15% interest annually for the next three years. Option 3: You can open an equity line with Bank of America and receive a $15,000 loan today. You agree to pay back $5,456.6 every year for the next 3 years. Assuming you would like to go with the option of the lowest interest rate, should you borrow from your cousin, credit union, or Bank of America?

Group of answer choices

All options offer same interest rates.

Credit Union

Cousin

Bank of America