Mathematics, 29.03.2020 09:59 triggernugget05

Consider the following two loans for P=$5,000.

Loan A: 2.5 year loan, annual interest rate of 12%.
Loan B: 5 year loan, annual interest rate of 6%.
Both loans are paid monthly, and their interest is compounded monthly. Calculate the absolute difference between the total interest paid on both loans.
Round your answer to the nearest cent.

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Consider the following two loans for P=$5,000.

Loan A: 2.5 year loan, annual interest ra...

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