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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. What is the difference in the amount of interest
Stephanie would have to pay for each of these two loans?
$1,950
$3,750
$4,550
$1,800

Respuesta :

opudodennis

Answer:

$1950

Step-by-step explanation:

Simple interest amount payable is given by

A=P(1+rt) where p is principal amount, A is final amount paid, t is time and r is rate of interest. For the first case

A=15000(1+0.03*4)=$16800

For second case

A=15000(1+0.05*5)=$18750

Difference will be 18750-16800=$1950

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