Multiple Choice
Jenny needs to borrow $16,000 for 3 years.The loan will be repaid in one lump sum at the end of the loan term.Which one of the following interest rates is best for Jenny?
A) 8 percent simple interest
B) 8 percent interest, compounded annually
C) 8.5 percent simple interest
D) 8.5 percent interest, compounded annually
E) 9 percent interest, compounded annually
Correct Answer:
Verified
Correct Answer:
Verified
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