Trevor is considering two loan options for buying a home in Haslet.
Thrifty Hometown
Bank Bank
Loan
$124,000 $124,000
Amount
Interest Rate 3%
4%
Time
Monthly
$856.32 $591.99
Payment
15 years
30 years
Which describes the relationship between the
total amounts that Trevor would pay over the
course of the two loans?
a. He would pay $47,638.80 more with
the Hometown Bank loan.
b. He would pay $47,638.80 more with
the Thrifty Bank loan.
c. He would pay $58,978.80 more with
the Hometown Bank loan.
d. He would pay $58,978.80 more with
the Thrifty Bank loan.