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

Question

2 years ago

15

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:

aivan3 [116] · Answer 1 · 2022-04-24T07:10:27+03:00

4 0

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

PolarNik [594] · Answer 2 · 2022-04-24T08:41:53+03:00

3 0

Answer:

1977.95

Step-by-step explanation:

i took the test and passed