What is the difference of the total interest paid

Reference no: EM13690263

Adrian is about to borrow $2,814 from his uncle. He has an option to repay the loan at the end of year 5 with 9.62% simple interest per year or with 5.36% interest per year, compounded annually. What is the difference of the total interest paid over 5 years between the two options? (Enter the answer as a positive number with precision to the nearest cent)

Reference no: EM13690263

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