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Find lowest interest charged

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You are offered two loans. The first loan has an APR of 4% and a principal of $25,000, and the second loan has an APR of 3% and a principal of $30,000. Which loan will have the lowest interest charged in the first year? Explain.

  • The second loan will have the lower interest since it will charge $800 in interest the first year, while the first loan will charge $1200 in the first year.
  • The second loan will have the lower interest since it will charge $900in interest the first year, while the first loan will charge $1000 in the first year.
  • The first loan will have the lower interest since it will charge $800 in interest the first year, while the second loan will charge $1200 in the first year.
  • The first loan will have the lower interest since it will charge $900 in interest the first year, while the second loan will charge $1000 in the first year.

Reference no: EM133077282

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