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Which statement best compares these two loans?
Loan A
Loan B
Loan
amount
$15,000
$10,000
The annual percentage rate for loan A is higher
than the rate for loan B.
The interest for loans A and B will cost the borrower
the same amount over time.
The interest is about half the principal for A and
almost equal to the principal for B.
The total payment for A is higher than for B, even
though the principal is actually lower.
APR
17%
19%
Loan
repayment
term
5 years
5 years
Total
interest
paid
$7,367.32
$9.857.02
Done
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