Greg borrows $1975 at a simple interest rate of 5% for 3 years. Linda borrows $1975 at a simple interest rate of 4.5% for years.
Who pays more interest at the end of their loan? How much more
1 answer:
Answer:
Greg pays more interest than Linda
He pays $17.45 more
Step-by-step explanation:
Greg
P=$1975
R=5%=0.05
T=3 years
Simple interest=P×R×T
=$1975×0.05×3
=$296.25
Linda
P=$1975
r=4.5%=0.045
n=1
t=3
Linda's Interest is compounded once per period, so we this formula
Compound Interest =P(1+r)^t
=$1975(1+0.045)^3
=$1975(1.045)^3
=$1975(1.141166125)
=$2,253.80
Interest paid=$2,253.80-$1975
=$278.8
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