Florencia C. answered • 05/28/25
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Catholic Pontifice University Grad for Real Estate Broker
$20,000 x 8.75% = $1,750
Belle G.
asked • 05/04/15What 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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