Mathematics, 10.02.2021 14:40, adi593

Angela wants to buy a car worth ₱950,000. He currently has ₱200,000 and plans to borrow the remaining ₱650,000 through the bank. Bank A offers an interest rate of 10% per year for 5 years where interest is computed on a simple interest basis. Bank B, meanwhile, offers an interest rate of 9% per year for 2 years but on monthly compounding. Both banks require payment only at the end of 3 years. Which bank’s loan product should she choose? HEL P

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Angela wants to buy a car worth ₱950,000. He currently has ₱200,000 and plans to borrow the remainin...