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18 February, 18:46

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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  1. 18 February, 19:15
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    Bank A $720 in interest. 3,000x. 06x 4

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

    Answer $180 more
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