Mary goes to the laundromat every week and it costs $5. She has found a
combination washer/dryer that she could purchase for $1,200, but she
would need to take out a loan. The local bank is offering her an 8% loan for
the full amount. Would it be cheaper to borrow money on loan or continue
going to the laundromat for the next five years? Assume the washer and
dryer will be financed for the five years using simple interest.
Which would cost more after 5 years: the loan or paying for weekly laundry?
Should she buy it?
de if 52 weeks in a year
ryer