Determine the two interest rates

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Reference no: EM132033718

You have two businesses offering you a loan based on your $250 a month payment maximum. One says they will loan you $20,000 for 10 years and the other says they will loan you $25,000 for 15 years.

Determine the two interest rates and the choose one or explain why the interest rate isn't even a factor in the decision.

Reference no: EM132033718

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