What is the difference of the total interest paid

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Arian is about to borrow $2,000 from his uncle. He has an option to repay the loan at the end of year 5 with 7.55% simple interest per year or with 8.4% interest per year, compounded every 6 months. What is the difference of the total interest paid over 5 years between the two options? (Enter the answer as a positive number)

Reference no: EM13838669

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