6. A high school graduate works fulltime. She needs to borrow $1,500 to
attend the local junior college, but she won't be able to pay it back for
2
years. Calculate how much she will have to pay back with these two
loan plans. Which plan should she choose? Justify your answer,
Bank A: Simple interest, 18 percent per year
Bank B: Compound interest, 12 percent per year
