You Could Borrow $1,000 Today from Bank a and Repay

Multiple Choice

You could borrow $1,000 today from Bank A and repay the loan,with interest,by paying Bank A $1,060 one year from today.Or,you could borrow $1,500 today from Bank B and repay the loan,with interest,by paying Bank B $1,600 one year from today.Which of the following statements is correct?

A) The interest rate on the loan from Bank A is higher than the interest rate on the loan from Bank B.
B) The interest rate on the loan from Bank A is lower than the interest rate on the loan from Bank B.
C) The interest rates on the two loans are the same.
D) There is not enough information to determine which loan has the higher interest rate.