What is the difference of the total interest paid

Reference no: EM13697632

Arian is about to borrow $2,000 from his uncle. He has an option to repay the loan at the end of year 4 with 5.43% simple interest per year or with 8.99% interest per year, compounded every 5 months. What is the difference of the total interest paid over 4 years between the two options? (enter the answer as a positive number)

Reference no: EM13697632

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