ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which interest rate and time period will result in the lowest total loan repayment for Ms. Rodriguez’s $50, 000 loan earning simple interest?
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25 years at 6%
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20 years at 4.5%
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25 years at 3.5%
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30 years at 3%
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Explanation:
Detailed explanation-1: -Central Bank of India provides education loans to students to study in India and abroad with interest rates starting from 6.85%. The bank also offers concession rates for female students.
Detailed explanation-2: -Education Loan Portalmean rate of interest 9.37%.
There is 1 question to complete.