21-03-2016
Mathematics

Answered

Waring Bank offers a 5% interest rate on a $4500 loan for a 3-year term. South Bank offers a 5% interest rate on a $4500 loan for a 4-year term. How much more interest will South Bank earn on the $4500 loan with the longer term?

Verified Answer :

HarborMaster HarborMaster

21-03-2016

4500 times 5% per year for 3 years = (4500.05)3 = answer 1

4500 times 5% per year for 4 years = (4500.05)4 = answer 2

Answer 2 minus answer 1 = jackpot

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