Which loan should he choose

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Rico needs 2500.00 to buy a computer.2yr. Unsecured loanthrough credit union is 12%interest. The current rate on his revolving home equity loan is 8.75%.Rico is in a 15%federal tax rate and 5.75% state tax rate. Which loan should he choose? WHY? Calculatethe pyments for both over a 24 month period using the simple interest calculation method.

Reference no: EM131016574

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