Question

Candice wants to buy a $2500 scooter with a loan from her local bank. Which loan option would be best for Candice if she wants the lowest interest rate and wants to pay off the scooter within 5 years.

Loan option 1 will take less than 4 years to pay off and have an
annual interest rate of 15%, and total interest of about $700.

Loan option 2 will take 3 years to pay off, at which point she will have paid $1,050 in interest.

Loan option 3 will take 7 years to pay off, and the total paid for the scooter will be $3200.

Loan option 4 will take 5 years to pay off, and the total paid for the scooter will be $3500.

its the first one btw i guessed it

Answer 1

option one is the best because it has the lowest interest rate that is payed off within five years. or Loan option 1

Answer 2

Answer:

The best loan option is option 1

Explanation:

Since Candice wants to repay the amount of loan that she took in the period of 5 years so she need to find a loan plan which may end in the period of 5 years and has the least interest rate. As we can see that the rest of the options are taking her to pay more interest in the end and option 1 ill make her to pay interest as $700 only which is the lowest among all so we can say that this is the best option for her.