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21-05-2017
Mathematics

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On a $3000 loan, Bank A offers repayment terms of 6% simple interest for a 4-year term. Bank B offers 6% simple interest for a 5-year term. How much more interest will Bank B earn on the $3000 loan with the longer loan term?

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21-05-2017

Bank A $720 in interest. 3,000x .06x 4
Bank B $900 in interest. 3,000x .06x5

Answer $180 more

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