What is X equal to. __I__ X 1 X 1 1
1 answer:
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the difference in the amount of interest Stephanie would have to pay for each of these two loans is $1950 . Correct option D) .
<u>Step-by-step explanation:</u>
Here we have , Stephanie is taking out a loan in the amount of $15,000. Her choices for the loan are a 4-year loan at 3% simple interest and a 5-year loan at 5% simple interest. We need to find the difference in the amount of interest Stephanie would have to pay for each of these two loans . let's find out:
a 4-year loan at 3% simple interest :
⇒ { As loan is for 4 years we multiply by 4 }
⇒
⇒ $
a 5-year loan at 5% simple interest :
⇒ { As loan is for 5 years we multiply by 5 }
⇒
⇒ $
So , Difference = $3750 - $1800 = $1950
Therefore , the difference in the amount of interest Stephanie would have to pay for each of these two loans is $1950 . Correct option D) .