500
You want to take a class offered by a private college, but you don't have the $1,500 to pay for it. Since you understand how credit now works, you apply for loans at two banks, a savings and loan, and a credit union.
If you earn enough money to make the necessary payments on any of the loans, which one will cost you the least total amount of money?
A) The First Bank: 9% interest (APR) for 12 months
B) The Second Bank: 9% interest (APR) for 18 months
C) The Savings and Loan: 8% interest (APR) for 24 months
D) The Credit Union: 7% interest (APR) for 36 months
What is The First Bank: 9% interest (APR) for 12 months