10. The Jacksons are taking out a $35,000 loan to remodel their home. The tables below show the
rates for a 1-year and 5-year loan from two different lenders. Complete each table to calculate the
total repayment and interest paid for each loan offer.
Which term length would result in the lowest total repayment for the Jackson’s, and how much lower
would it be?
Which term length would result in the lowest total repayment and by how much?