1. Luiza needs a loan for $11,500 for some home renovations. She qualified for 3 loans with different interest rates and loan lengths
   

Loan Option A is a 2-year loan with a 9.5% annual simple interest rate

Loan Option B is a 3-year loan with an 6.25% annual simple interest rate

Loan Option C is a 4-year loan with a 5% annual simple interest rate

Which loan option would allow Luiza to pay the least amount of interest?

Loan Option A- would allow Luiza to pay the least amount of interest because $2156.25-

is the lowest interest paid out of the 3 loan options

CLEAR ALL