Belle G.

asked • 05/04/15

What is the difference in the amount of interest paid?

In one instance a financial institution loaned you $10,000 for two years at an APR of 8.75%. In a second instance you loaned a financial institution $10,000 for two years at an APR of 8.75% compounded monthly. What is the difference in the amount of interest paid? (Round your answer to the nearest cent.)

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