Determine wide variance between interest rates

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Question: You have been shopping around for a student loan and you have seen wide variance between interest rates. You need to borrow $30,000 for 4 years A, US government comes with 7% per year interest, while a loan from the comes with only 5% per year interest. How much will you save it interest payments over the 4 years by taking out the loan from the US government? Show all of your calculations.

Reference no: EM131789307

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