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Mary is planning to buy a mobile phone that costs $500. She can choose any of five different payment plans with varying simple interest rates and periods:

plan 1: 6% for 10 months

plan 2: 8% for 12 months

plan 3: 10% for 14 months

plan 4: 12% for 18 months

plan 5: 14% for 12 months

Which plan offers the lowest monthly payments?

A. Plan 1

B. Plan 2

C. Plan 3

D. Plan 4

E. Plan 5

D: Plan 4

Step-by-step explanation:

Mary is planning to buy a mobile phone that costs $500. She can choose any of five different payment plans with varying simple interest rates and periods:

plan 1: 6% for 10 months $53 Mo

plan 2: 8% for 12 months $45 Mo

plan 3: 10% for 14 months $39.29 Mo

plan 4: 12% for 18 months $31.11 Mo

plan 5: 14% for 12 months $47.50 Mo

Which plan offers the lowest monthly payments?

A. Plan 1

B. Plan 2

C. Plan 3

D. Plan 4 Correct

E. Plan 5