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06-03-2020
Mathematics

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Sarah takes out a loan for $30,000. She has two choices for the loan; a 5 year loan with 5% simple interest or a 7 year loan with 4% compound interest. What is the difference in the amount of interest she would owe?

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06-03-2020

Answer:

5%

Total interest paid:

$5,617.46

Total payments:

$35,617.46

4%

Total interest paid:

$4,445.43

Total payments:

$34,445.43

Your Anwser Would Be 1172.03

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