You need to borrow $2550 to help contribute to an upcoming family reunion. You can borrow the money from two different banks.
Bank A will lend you $2550 for six months at an interest rate of 11.5%
Bank B will lend you $2550 for twelve months at an interest rate of 7.5%
How much money will you owe at the end of each period of time? Which bank offer will you choose and why?
