Question: Jenny needs to borrow $ 1 6 , 0 0 0 for 3 years. The loan will be repaid in one lump sum at the

Jenny needs to borrow $16,000 for 3 years. The loan will be repaid in one lump sum at the end of the loan term. Which one of the following interest rates is best for Jenny?
8 percent simple interest
8 percent interest, compounded annually
8.5 percent simple interest
8.5 percent interest, compounded annually
9 percent interest, compounded annually

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