CSA 8 Math Unit 5 (25-26) - Whitney Youngblood | Library

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Other Answer Choices:

$1,305

$2,175

$5,300

$300

$6,305

$7,175

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Ricardo will be financing the purchase of a used car. The total cost of the car is $18,486. He has two options for financing which are listed below.
Option X: A 6-year loan that has a simple interest rate of 4.75%.
Option Y: A 5-year loan that has a simple interest rate of 5.5%.
Which option would allow Ricardo to spend the least amount in interest, and how much less interest would he pay over the life of the loan? 

To spend the least amount in interest, Ricardo should choose __________. He will pay __________ less interest over the life of the loan.

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