aburock1005 aburock1005

02-03-2020
Mathematics

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PLEASEEE. WIll mark brainliest
April and May both took out loans to purchase a $25,000 car. April borrowed $25,000 at 4% simple interest for 5 years. May borrowed $25,000 at 3.75% simple interest for 6 years. What is the difference in the amount of interest owed? Question 4 options: $5,000 $625 $5,625 $10,625

Respuesta :

goddessboi goddessboi

02-03-2020

Answer:

$625 (but it's really $763.14)

Step-by-step explanation:

Use the formula I=P(1+r)^t

April=25000(1.04)^5=$30416.32

May=25000(1.0375)^6=$31179.46

$31179.46-$30416.32=$763.14

So $625 is the closest answer

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