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g Robin needs $25,000 to start a business. In her search for the best (low cost) loan, she has gathered the following information from three local banks. Which bank would you recommend Robin borrow from? Bank Annual Payment Term (Years) A $9,000 3 B $7,000 4 C $6,000 5 Bank A Bank B Bank C Either Bank A and B since their loan rates are about the same

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Answer:

I recommend Bank A to Robin as its interest rate on loan is the lowest at 3.95%

Explanation:

In calculating the interest in excel spreadsheet, I used the rate formula which is given as =RATE (nper, pmt, pv, [fv], [type], [guess]) where nper is the duration loan,pmt is the yearly loan repayment,present value of the loan is $25000 in all cases while fv,type and guess are not applicable and as a result are shown as zeros.

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