Business 1st Year question

timer Asked: Apr 21st, 2015

Question description

Martina Kelly wants to borrow 15000 euro over 3 years, which means she will have to repay 5000 euro off the loans, plus any intrest due, at the end of the year. 

Gilroy Finance Ltd. offered the money at a flat rate of 8% per annum, while Lynch Finance offered the money at 11% APR ( true rate ). Calculate the total interest on the loan if borrowed from each of the two lenders.

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