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What is the difference in compounding interest

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Question - Sylvie needed a new car as her old car was no longer reliable. Sylvie asked her parents for a simple interest loan over 5 years in the amount of $25,000 at 7%. Her parents refused as they would be losing out on interest. Sylvie then went to the Royal Bank of Canada (RBC) for a loan. The interest rate on the loan from RBC would be 7% compounded monthly with monthly payments required. What is the difference in compounding interest over simple interest?

Reference no: EM133075962

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