What is the difference of the total interest paid

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Arian is about to borrow $3,903.71 from his uncle. He has an option to repay the loan at the end of year 6 with 9.73% simple interest per year or with 6.77% interest per year, compounded annually. What is the difference of the total interest paid over 6 years between the two options? (enter the answer as a positive number)

Reference no: EM13737906

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