Stephanie is taking out a loan in the amount of $15,000. Her choices for the loan are a 4-year loan at 3% simple interest and a 5-year loan at 5% simple interest. What is the difference in the amount of interest Stephanie would have to pay for each of these two loans? Question 5 options: $3,750 $4,550 $1,800 $1,950

the difference in the amount of interest Stephanie would have to pay for each of these two loans is $1950 . Correct option D) .

Step-by-step explanation:

Here we have , Stephanie is taking out a loan in the amount of $15,000. Her choices for the loan are a 4-year loan at 3% simple interest and a 5-year loan at 5% simple interest. We need to find the difference in the amount of interest Stephanie would have to pay for each of these two loans . let's find out:

a 4-year loan at 3% simple interest :

⇒         { As loan is for 4 years we multiply by 4 }

⇒

⇒ $

a 5-year loan at 5% simple interest :

⇒         { As loan is for 5 years we multiply by 5 }

⇒

⇒ $

So , Difference = $3750  - $1800 = $1950

Therefore , the difference in the amount of interest Stephanie would have to pay for each of these two loans is $1950 . Correct option D) .

pla·gia·rism

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noun

the practice of taking someone else's work or ideas and passing them off as one's own.

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