HELP PLEASE! :) Lilith is remodeling her bathroom and needs an $8,700 loan to pay for the cost of the remodel. Which loan option will have Lilith pay the most amount in interest? 30-month loan with a 5.75% interest rate compounded annually 30-month loan with a 5.75% annual simple interest rate 24-month loan with a 6.25% interest rate compounded annually 24-month loan with a 6.25% annual simple interest rate

Which loan option will have Lilith pay the most amount in interest

loan with a 5.75% annual simple interest rate 24-month loan with a 6.25% interest rate

Interest3,750

Final payment33,750

Step-by-step explanation:

1.-Interes rate compouned  

Loan30,000

%5.75%

Time( Years)2.50

Interest4,500

Final payment34,500

2.-Simple interest  

Loan30,000

%5.75%

Time( Years)2.50

Interest4,313

Final payment34,313

3.-Simple interest  

Loan30,000

%6.25%

Time( Years)2.00

Interest3,750

Final payment33,750

4.-Interes rate compouned  

Loan30,000

%6.25%

Time( Years)2.00

Interest3,867

Final payment33,867