Respuesta :
rate loan for 2000 is 10% so 200
rate loan for 1000 is 10% so 100
so together it's 300
rate loan for 3000 (out of one loan) is 8% so 240
So he would have saved 300-240 = 60 so a)
Answer:
a. $60
Step-by-step explanation:
We will use simple interest formula to solve our given problem.
[tex]A=P(1+rt)[/tex], where
A= Amount after t years.
P= Principal amount.
r= Interest rate in decimal form.
t= Time in years.
Let us find amount of loans repayable after 12 months for taking two amounts of $2000 and $1000.
As $2000 and $1000 are less than 2500, so the rate of loan will be 10%.
[tex]10\%=\frac{10}{100}=0.10[/tex]
12 months = 1 year.
[tex]A=2000(1+0.10\times 1)[/tex]
[tex]A=2000(1+0.10)[/tex]
[tex]A=2000(1.10)[/tex]
[tex]A=2200[/tex]
Now let us find amount repayable after 12 months for borrowing $1000.
[tex]A=1000(1+0.10\times 1)[/tex]
[tex]A=1000(1+0.10)[/tex]
[tex]A=1000(1.10)[/tex]
[tex]A=1100[/tex]
Adding these amounts we will get total repayable amount after 12 months for borrowing $2000 and $1000 separately.
[tex]\text{Amount repayable for borrowing two separate amounts}=2200+1100=3300[/tex]
Now let us find repayable amount after 12 months for taking 1 loan. As $3000 is between $2501 and $7500, so rate of loan will be 8%.
[tex]8\%=\frac{8}{100}=0.08[/tex]
[tex]A=3000(1+0.08\times 1)[/tex]
[tex]A=3000(1+0.08)[/tex]
[tex]A=3000(1.08)[/tex]
[tex]A=3240[/tex]
Now let us find difference between both repayable loan amounts.
[tex]\text{Difference between both repayable loan amounts}=3300-3240[/tex]
[tex]\text{Difference between both repayable loan amounts}=60[/tex]
Therefore, the customer should have saved $60, if he had taken out one loan for $3000 and option a is the correct choice.
