ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Amandina is taking out a loan for $12, 000. *Bank 1 is offering 3 years at 5% compounded annually.*Bank 2 is offering 4 years at 6% simple interest. What is the difference in the amount of interest Amandina has to pay if she chooses Bank 2 rather than Bank 1?
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$1891.50
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$2880.00
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$988.50
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$1080.00
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Explanation:
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