The 4-year loan at 7.5% APR seems to be the best choice as it strikes a balance between a reasonable monthly payment and minimizing the total interest paid.
To determine which loan option best meets your needs, you should consider both the monthly payment amount and the total cost of the loan. Here's how you can calculate and compare the three options:
1. 3-year loan at 7% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 3 years = $11,700
- Total interest paid: $11,700 - $15,000 = $3,300
2. 4-year loan at 7.5% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 4 years = $15,600
- Total interest paid: $15,600 - $15,000 = $600
3. 5-year loan at 8% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 5 years = $19,500
- Total interest paid: $19,500 - $15,000 = $4,500
Now, let's analyze the options:
- The 4-year loan at 7.5% APR has the highest monthly payment but the lowest total interest cost, making it the most cost-effective option. However, you should ensure that the higher monthly payment fits comfortably within your budget.
- The 3-year loan at 7% APR has a lower interest cost than the 5-year loan but a higher monthly payment. It's a good middle-ground choice if you can afford the monthly payments.
- The 5-year loan at 8% APR offers the lowest monthly payment but results in the highest total interest cost. It's the least cost-effective option, and you would end up paying significantly more over the loan term.
Ultimately, the 4-year loan at 7.5% APR seems to be the best choice as it strikes a balance between a reasonable monthly payment and minimizing the total interest paid. However, ensure that the monthly payment aligns with your financial situation before making a decision.
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Answer:
the 5yr/ $270mth
Step-by-step explanation:
$15k × 8% = $1200 interest
$15k + $1200 = $16,200.00
$16500 ÷ 60months (5years) = $270/mth pymt
b. x<_250
c. x>_250
d. x<250
Answer: x ≥ 250
Step-by-step explanation:
Answer:
-10, 40, -240, 1,920 and -19, 200
Step-by-step explanation:
Given the recurrence relation of the sequence defined as aₙ₊₁ = -2naₙ for n = 1, 2, 3... where a₁ = 5, to get the first five terms of the sequence, we will find the values for when n = 1 to n =5.
when n= 1;
aₙ₊₁ = -2naₙ
a₁₊₁ = -2(1)a₁
a₂ = -2(1)(5)
a₂ = -10
when n = 2;
a₂₊₁ = -2(2)a₂
a₃ = -2(2)(-10)
a₃ = 40
when n = 3;
a₃₊₁ = -2(3)a₃
a₄ = -2(3)(40)
a₄ = -240
when n= 4;
a₄₊₁ = -2(4)a₄
a₅ = -2(4)(-240)
a₅ = 1,920
when n = 5;
a₅₊₁ = -2(5)a₅
a₆ = -2(5)(1920)
a₆ = -19,200
Hence, the first five terms of the sequence is -10, 40, -240, 1,920 and -19, 200
28+3(5d-3)
Answer:
15d+19
Step-by-step explanation:
distribute 3(5d-3) first
= 15d-9
the expression is now 28+15d-9
combine 28 and -9
=19
bam u now have 15d+19
Answer:
A≈201.06cm²
Step-by-step explanation:
Answer: The answer is
Step-by-step explanation: A: 7^5/4
Answer:
there are 5280 feet in a mile
Step-by-step explanation: