Compare the total cost of ways of paying, or the return on ways of investing
Jordan is deciding how to pay for a family holiday, priced at $6,676. The options below are compared over the same 44 days
| Option | Terms |
|---|---|
| Paying cash | No interest: the full amount, straight away |
| Flat-fee loan | a flat 10.50% fee over the term |
Use ideal models with no repayments, withdrawals or extra deposits before the end of the common term for any interest-bearing balance. Include only the stated fees. Carry full precision through each calculation, then round each final total to the nearest cent before comparing totals