Determine the total interest and fees you will be charged

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You need to borrow $1,000 for the next year. Bank A can give you the loan at 9 percent. Bank B can give the loan at 7 percent, but charges a $50 loan origination fee. Bank C will give loan at 6 percent with a $25 loan origination fee. Determine the total interest and fees you will be charged in each case. Which loan should you choose? Why?

Reference no: EM131318771

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Determine the total interest and fees you will be charged : You need to borrow $1,000 for the next year. Bank A can give you the loan at 9 percent. Bank B can give the loan at 7 percent, but charges a $50 loan origination fee. Bank C will give loan at 6 percent with a $25 loan origination fee. Determine the t..

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