drag each tile to the correct box. darnell is comparing three loan options to determine which one is best…

drag each tile to the correct box. darnell is comparing three loan options to determine which one is best for his situation. match each loan option with the correct description. loan option principal amount monthly payment loan term option r $14,000 $203.67 72 months option s $15,000 $256.24 60 months option t $16,000 $334.43 48 months option r option s option t this loan option has the lowest finance charge. this loan option has the highest finance charge. this loan option has neither the highest finance charge nor the lowest monthly payment.

drag each tile to the correct box. darnell is comparing three loan options to determine which one is best for his situation. match each loan option with the correct description. loan option principal amount monthly payment loan term option r $14,000 $203.67 72 months option s $15,000 $256.24 60 months option t $16,000 $334.43 48 months option r option s option t this loan option has the lowest finance charge. this loan option has the highest finance charge. this loan option has neither the highest finance charge nor the lowest monthly payment.

Answer

Explanation:

Step1: Calculate total payment for each option

For option R: Total payment = Monthly payment×Loan term = $203.67×72 = $14664.24. Finance - charge = Total payment - Principal amount = $14664.24 - $14000 = $664.24.

Step2: Calculate total payment for option S

For option S: Total payment = $256.24×60 = $15374.4. Finance - charge = $15374.4 - $15000 = $374.4.

Step3: Calculate total payment for option T

For option T: Total payment = $334.43×48 = $16052.64. Finance - charge = $16052.64 - $16000 = $52.64.

Step4: Compare finance - charges

We have finance - charge for R = $664.24, for S = $374.4, for T = $52.64. So, T has the lowest finance - charge, R has the highest finance - charge. And S has neither the highest finance - charge nor the lowest monthly payment.

Answer:

This loan option has the lowest finance charge. → option T This loan option has the highest finance charge. → option R This loan option has neither the highest finance charge nor the lowest monthly payment. → option S