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 wit
h 4% compound interest. What is the difference in the amount of interest she would owe?
Question 5 options:
$1,189.50
$31,977.95
$1,977.95
$900
2 answers:
Answer:
$1977.95
Step-by-step explanation:
$30000*.05*5=$7500 (simple interest)
$30000*1.04^7=$39477.95-$30000=$9477.95 (compound interest)
$9477.95-$7500.00=$1977.95
Answer:
1977.95
Step-by-step explanation:
i took the test and passed
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