Emma is taking out a loan in the amount of $25,000. Her choices for the loan are a 60-month loan at 5% annual simple interest an d a 72-month loan at 6% annual simple interest. What is the difference in the amount of interest Emma would have to pay for these two loans?
1 answer:
Answer:
The answer is $2750. Which is the difference in the amount of interest Emma would have to pay for these two loans
Step-by-step explanation:
Interest=( P× r × t)/100
60 months is converted to 5years(60/12=5)
Interest= (25000 × 5 × 5) /100
= $6250
72months is converted to 6 years(72/12=6 Years)
Interest=( P× r × t)/100
= (25000 × 6 × 6)/100
=$ 9000
The difference in the interest= $9000- $6250
= $ 2750
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