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Difference in compounding interest over simple interest

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Sarah went to the bank to enquire on a car loan in the amount of $25,000. CIBC has proposed a loan with the principal and interest due as a lump sum in 5 years. The interest rate on the loan from CIBC would be 7% compounded monthly. Sarah decided to go to her parents and ask for a simple interest loan for the same amount (i.e. $25,000 due in a lump sum in 5 years but with simple interest of 7%). Her parents of course refused as they would be losing out on interest. What is the difference in compounding interest over simple interest?

Reference no: EM132828498

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