Question

Peter wants to borrow $3,000. He has two payment plans to choose from. Plan A is 4% interest over 6 years. Plan B is 5% interest over 4 years. Using the formula m=p+prt/12t for payment, m, which statement best compares the plans?

Answer 1

Plan A has a monthly payment of about $23 less and a total interest charge of $120 less than plan B.
Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.
Plan A has a monthly payment of about $23 more and a total interest charge of $120 more than plan B.
Plan A has a monthly payment of about $23 more and a total interest charge of $120 less than plan B.

Answer 2

@Skielerlucas04

Answer 3

ok, so plan B cost 600 and plan A cost 720 correct?

Answer 4

@dreamstoogood

Answer 5

i believe so

Answer 6

ok good

Answer 7

but there are 6 years in plan A and 4 years in plan B

Answer 8

and how many months are in a year @dreamstoogood

Answer 9

12

Answer 10

ok so divide both amounts by 12

Answer 11

@dreamstoogood

Answer 12

600/12=50
720/12=60

Answer 13

no, nvm that was wrong

Answer 14

whats 12x6 and 12x4?

Answer 15

72 and 48