Question

*NEED THE ANSWER QUICK PLEASE IN A HURRY WILL MEDAL FAN
Jim wants to borrow $7200. Bank M offers a 3% interest rate for a 5-year term. Bank K offers a 4% interest rate for a 5-year term. How much more interest will Jim pay if he takes the $7200 loan at the 4% interest rate for a 5-year term?

Answer 1

72$

Answer 2

at interest 3% rate for a 5year term =216$, at interest 4% rate for a 5year term= 288