Answer:
A 4-year loan with a 3.5% annual simple interest rate
Step-by-step explanation:
Your information isn't complete but I'll give you a general overview of the answer.
In this case, the principal given is $18000.
The formula for Simple interest is calculated by using;
Simple Interest = PRT/100
where,
P = Principal
R = Rate
T = Time
For example, let's say the principal is $18000, the rate is 3.5% and, the time is 4 years. Then, the simple interest will be:
= PRT/100
= (18000 × 3.5 × 4) / 100
= $2520
Therefore, the Simple Interest is $2520. You'll then do the calculations for every figure given to know the cheapest.
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