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Mathematics, 05.11.2021 01:00 cargod1

Mark wants to buy a car worth P800,000. He currently has P300,000and plans to borrow the remaining P500,000through the bank. Bank A offers an interest rate of 8%per year for 3years where interest is computed on a simple interest basis. Bank B, meanwhile, offers an interest rate of 7% per year for 3 years. Which bank’s loan product should he choose?

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