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8 March, 22:46

Waring Bank offers a 5% interest rate on a $4500 loan for a 3-year term. South Bank offers a 5% interest rate on a $4500 loan for a 4-year term. How much more interest will South Bank earn on the $4500 loan with the longer term?

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  1. 8 March, 23:36
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    4500 times 5% per year for 3 years = (4500*.05) * 3 = answer 1

    4500 times 5% per year for 4 years = (4500*.05) * 4 = answer 2

    Answer 2 minus answer 1 = jackpot
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