Shana plans to borrow $1,300 to buy a guitar. One bank is offering a simple interest rate of 5% per year on borrowed amounts. An

Question

3 years ago

8

Shana plans to borrow $1,300 to buy a guitar. One bank is offering a simple interest rate of 5% per year on borrowed amounts. An

other bank is offering a simple interest rate of 4%. Shana plans to repay the loan in 3 years. In dollars, how much can she save by borrowing from the bank with the lower interest rate? Record your answer in the box.

Mathematics

1 answer:

azamat · Answer 1 · 2022-07-19T16:56:03+03:00

azamat3 years ago

7 0

Answer:

$39

Step-by-step explanation:

Bank 1-1300*0.05=65, 65*3=195

Bank 2-1300*0.04=156

195-156=39