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Mathematics

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Consider the following two loans for P=$5,000. Loan A: 2.5 year loan, annual interest rate of 12%. Loan B: 5 year loan, annual interest rate of 6%. Both loans are paid monthly, and their interest is compounded monthly. Calculate the absolute difference between the total interest paid on both loans. Round your answer to the nearest cent.

Answer :

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Answer:

$12.60

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