Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 6-year loan at a
1 answer
Question:
Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 6-year loan at a 4% annual simple interest and a 4-year loan at 3.75% annual compound interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?
Answers
The answer is $1,400
Here is the work:
10,000 X 4/100 X 4 years =$1,600 Interest Holly has to pay on 4%, 4-year loan.
10,000 X 5/100 X 6 years =$3,000 Interest Holly has to pay on 5%, 6-year loan.
$3,000 - $1,600 =$1,400 Difference in interest between the two loan choices.
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